Air charter and private jet company Air Partner has blamed weak trading in the charter market for a profit warning issued yesterday.
Air Partner warned profits for the six months to the end of July would be almost half its previous forecast at just over £1 million.
Investment analyst Liberum cut its full-year profit forecast for the group by 45% as a result.
Air Partner blamed “a poor performance in the commercial jet division”, an area where the group has sought to move away from reliance on military contracts to commercial charter operations.
It described trading in the rest of the group as “in line with management expectations” with a “strong performance” in the private jet division.
Air Partner chief executive Mark Briffa said: “While the air charter market can be volatile, the overall market remains robust.”