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A turbulent month saw the FTSE 100 edge up from 4832.3 to 5067.3, a creditable performance considering that bio-terrorism and air strikes have probably been foremost in investors' minds. London's SmallCap Index sparked up from 2159.99 to 2306.01 in line with the blue-chip benchmark, but profit warnings played a major role once again in October, with positive news announcements few and far between.

Air Partner takes to the skies!

One surprising mover was the fledgling transport venture Air Partner, which took off by 41.5p to 236.5p as nervous fliers opted for its privately chartered jets in the wake of September's outrages. Pre-tax profits fell from £2.7 million to £2.2 million in the year to July but directors said current trading is strong and advance bookings have leapt by 15 per cent. 'We expect to see a migration towards corporate charters as businesses realise they have control over who they travel with in their own charter jet', explained chairman Tony Mack.

Keeping investors' feet firmly planted on the turf were football clubs Newcastle United and Tottenham Hotspurs. The share prices of both companies failed to be inspired by preliminary figures, with the North London club easing a penny to 43p and the Tyneside outfit static around the 31p mark.

Tumbling share prices abound

Profit warnings were in evidence once again. IT recruitment group Harvey Nash met heavily revised expectations at the half year to July following a prior profit warning, but investors ran for cover, sending the shares 12p lower to 112.5p. Pre-tax profits came in at just £700,000 compared to £6.7 million a year ago, prompting chief executive David Higgins to concede that 'demand for our services has weakened considerably'. As has the share price, which had risen as high as 877.5p over the past twelve months!

Shareholders in heavy lift specialist Baldwins Industrial Services will have been dismayed after the price halved to 67.5p on a profit warning. The board groaned that full year results would be 'materially' below expectations.

At its AGM in August, Jarvis Hotels said bookings had dropped and sales had been hit by the foot-and-mouth crisis. Following the atrocities in Manhattan, shares in the company came under pressure again in October, shedding 9.5p to 81p after directors admitted that the attacks had 'exaggerated tough trading conditions'.

Also on the back foot was Photobition, the troubled advertising graphics supplier. The group issued its third profit warning of the year and its dwindling share price surrendered 2p to just 3p as it also revealed that mooted management buyout talks had collapsed and finance director Steven Smith had resigned. The share price has therefore suffered a complete collapse, considering that it reached 551.5p in March 2000! Fledgling footwear firm FII fared even worse, nose-diving 83p to just 18p on its return from suspension. The plummet came after it revealed widening losses and announced that it will exit the high-technology arena. Its shares have traded on a 52-week high of 101p and a low of 8.5p.

Looking forward

Elsewhere, several retailers sprang to life. 'Green' cosmetics venture Body Shop gained 4p to 88p despite reporting a drop in interim pre-tax profits. Investors made a move after the board said it was in talks with several possible buyers.

Sector bedfellow Monsoon looks like one to watch out for. The clothing retailer put on 5p to 69p after boasting sales were 19 per cent healthier in the first 18 weeks of the year. The shares have subsequently pushed on to 75p. Its last full year figures showed pre-tax profits up 6 per cent to £24.3 million on sales buoyed 11 per cent. Analysts expect profits to hit £27 million in the current year, giving earnings of 10.2p, with £30 million and 11.5p to follow. This puts Monsoon on a p/e of 7.35 falling to 6.5 against an 18.45 sector average.