Companies: AIP   

Shares in feted corporate air charter broker Air Partner crashed 32% to 195p in early play, after chairman Tony Mack warned half year profits would be 'substantially' below last year's. In a surprise statement, Mack said trading was sound at the beginning of the financial year, but more recent business has been extremely disappointing with air charter sales and margins 'considerably below expectations'. Along with tough trading, the group has also incurred costs employing key staff from US rival FlightTime Inc and investing in new offices in the US. 'Air charter can be a volatile industry and we are currently going through a tough period - the slowdown has been as if a switch was flicked in November' he claimed. Mack insists the company remains cash rich and as cash generative as ever. Back in October, the group cheered the market with a record set of results for the year to 31 July, which was a very turbulent period for the aviation industry post September 11th. Pre-tax profits powered ahead 85% to £4m on turnover up 13% to £100.7m, and earnings soared to 29.5p (15.4p). Speculative buy for the brave.