Dollman to leave John Menzies to pursue portfolio career

by Richard Crump

More from this author

03 Jan 2013

  • Comments

LOGISTICS GROUP John Menzies has said that group finance director Paul Dollman is to resign alongside news that full-year results will be in line with expectations.

Dollman, appointed group FD in 2002, will not seek re-election at its annual general meeting in May, subject to a successor being appointed, and intends to concentrate on building a portfolio career.

A chartered accountant, he was previously FD at William Grant & Sons, and also held senior financial positions with Inveresk, Maddox Group and Clydesdale Retail Group.

The board also said that, following the decision to restructure its struggling UK cargo business, it anticipates the full-year result to be in line with its expectations.

Menzies said it has decided to close its cargo handling operations at Chicago Airport, having "exhausted all alternative options" over the last two years. This will result in an exceptional charge of £7m in 2012 but will improve EBIT in 2013 by around £1.4m.

Following the series of restructuring actions across both divisions, the full-year exceptional charge will be in the region of £18m.

Net debt at the year-end is expected to be below £100m, while the group interest charge will increase by approximately £2.5m in 2013, purely as a result of the change to the accounting treatment of IAS19.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send



Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.