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Alliance CFO bows out after 7-year term

written by Jake Nelson | July 9, 2024

An Alliance Embraer E190, VH-UYF, in Canberra. (Image: Canberra Airport)

Alliance Airlines’ chief financial officer and joint company secretary Marc Devine is stepping down after eight years with the company.

Devine, who joined Alliance as a financial controller before serving as CFO for seven years, will end his term on 30 August, to be replaced by Andrew Evans.

“During his tenure Mr Devine has played a pivotal role in the group’s substantial growth from 27 aircraft and 420 staff to 85 aircraft and over 1,400 staff,” the airline wrote in a statement to the ASX.

“In the same period, Profit Before Tax increased from $13.7 million to over $83.9 million in FY2024.”

Alliance’s chairman, Steve Padgett, thanked Devine for his “distinguished and loyal service to Alliance over the last eight years”.

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“Marc has made a significant contribution in improving Alliance’s financial position and performance over these years,” he said.

“The Board and Senior Management team join me in wishing Marc all the very best for his future endeavours.”

Alliance said Devine’s replacement Andrew Evans, who has worked at the airline for 17 months, will start as CFO on 1 September.

“Mr Evans is a finance professional with 30+ years’ experience in corporate and operational accounting, financing, strategic planning, and information systems in a range of sectors including mining, mining supplies, mining services, construction materials, energy, information technology, equipment hire, and aviation,” the airline said.

“Mr Evans’s experience covers numerous locations including overseas (USA) as well as privately owned, private equity supported, and publicly listed corporations. Mr Evans has been a Chief Financial Officer for the past 17 years, has held Company Secretary and Directors positions, is member of CPA Australia and is a graduate of the Australian Institute of Company Directors.”

Alliance earlier this year predicted pre-tax profits for 2023-24 will exceed the consensus forecast of $83.9 million, with full-year results to be released after the close of trade on 14 August.

“This will be an uplift in profit before tax of in excess of 60 per cent over FY23,” the airline told the ASX.

“This will include a profit in the company’s Aviation Services operation, resultant from the sale to a European operator, of five General Electric CF-34-10 engines from recently parted out E190 aircraft and from inventory.

“The full cash proceeds of approximately $25 million will be received prior to the end of this financial year, reinforcing the integral part that aviation services plays in the company’s revenue mix.”

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