Investors wipe £84m off value of Menzies as aviation arm warns on profits

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There’s trouble at Menzies. The handler has suffered from revenue and margin declines at Heathrow, as well as lower revenues at its Australian air cargo business, owing to lower yields from a change in the mix of freight handled, it said. Craig Smyth, managing director of Menzies Aviation, is leaving the company immediately. Last month a new CEO was appointed, Jeremy Stafford, whose claim to fame in the UK was resigning as former chief of public services company Serco, which had claimed to be electronically tagging offenders who were actually abroad, in prison – or dead.