Doom and Gloom at Air Partner
Dec 8th 2008
Shares in Air Partner fell by more than 10 per cent after the private jet airline group gave warning that second-quarter trading was below internal targets.
The company said that since its annual results in early October there had been a significant and well-documented further deterioration in the global economic climate, meaning that second-quarter profitability was 15 per cent lower than last year.
Moreover, the group said that its forward orders were down 50 per cent and that trading may remain below expectations. Aubrey Adams, the chairman, said that there had been a polarisation of trading conditions over the past year, from strong trading, through to the global banking crisis, to today’s economy woes. The shares fell by 59½p to 500p.