John Menzies

New chair of John Menzies

plane and logo

John Menzies, the aviation services company, which earlier this month warned that full-year profits will fall below expectations, is getting a new chairman.

Dermot Smurfit is being replaced by current non-executive Philipp Joeinig as chairman with immediate effect.

The company said the chairman joined the board in July 2016 and oversaw a number of changes including the sale of Menzies Distribution, which allowed the group to pull out of the market to distribute newspapers and magazines.

He said: "I wish the group and its 36,000 employees the very best for the future as it embarks on the next stage of its journey. I believe that this now requires an industry specialist to bring Menzies to a new level of excellence. I wish my successor, Philipp Joeinig every success in that mission."

John Menzies shares plunge

Shares in aviation services firm John Menzies have tumbled 20% to 366p in early trading following a profit warning.

SIG, the building company, also saw its share price drop, down 11.78% 116.8p, after it warned of weaker activity in the construction sector.

The FTSE 100 ticked 0.19% lower in early trading to 7,589.39 while the FTSE 250 shed 15.83 points to 19,781.78,

John Menzies warns on profits

John Menzies worker
John Menzies

John Menzies, the aviation services company, has warned that full-year profits will fall below expectations because of a wider industry issues including weak cargo volumes.

The company provides services such as moving aircraft, fuelling as well as handling baggage and cargo for the likes of Easyjet and British Airways-owner IAG.

It said: "Performance in the first half of the year has been below expectations and consequently the board now believes that earnings for the full year are not expected to exceed last year."

Last year, pre-tax profits reached £21.6m.