Trading on target
Two management changes unveiled at Menzies
John Geddes, company secretary, is appointed to the board as corporate affairs director, while Andy Lord has joined Menzies Aviation as EVP, Europe, Middle East, Africa & India.
Mr Geddes, who has extensive knowledge of both operating divisions, has been with the company for 19 years where he has fulfilled a number of head office roles and also spent two years working within the aviation division.
He will also focus on governance, risk and shareholder relations.
Mr Lord joined Menzies on 1 November. With more than 25 years’ experience of the aviation industry, his executive career prior to Menzies was spent with British Airways where he performed a number of senior roles and latterly was director of operations for the airline. He has also held non-executive positions with NATS & BA Cityflyer.
A further announcement regarding the leadership team of the distribution division is imminent.
Following the announcement of the agreement to acquire ASIG on 16 September, the Group has signed the new syndicated bank facility involving a $250m term loan and a £150m rolling credit facility. The new facility remains subject to the completion of the acquisition which is expected to complete in early 2017.
The Group said it continues to trade well and the board is confident of being marginally ahead of current market expectations. Additionally, it continues to benefit from foreign exchange tailwinds which will further enhance the full year result.
The board anticipates providing an update on trading and the financial performance for the year ending 31 December 2016, in early January.