Air Partner warns of business gloom

BRITAIN'S biggest aircraft charter group issued a stark profits warning today, deepening fears of a collapse in the business travel market. Shares in Air Partner plunged by a third - 82 1/2p - to 206p, after chairman and majority shareholder Tony Mack indicated business simply disappeared before Christmas.

'Air charter can be a volatile industry and we are going through a tough period,' he said. 'The slowdown has been as if a switch was flicked in November.'

His warning deepens the New Year gloom in the airline industry which yesterday saw British Airways report a shock fall in the number of business class passengers and Dutch carrier KLM tell investors it will dive into a loss this year.

Air Partner specialises in chartering aircraft for executives from businesses such as Goldman Sachs or Land Rover, for flying the Manchester United squad around and, recently, for ferrying guests to a Mediterranean toga party thrown by billionaire retailer Philip Green.