Queen grounded? Jet firm profit warning

Queen boards planeJohn Stillwell/PA Wire/Press Association Images

You would have thought there were some people who would never be hurt by tough economic times. While the rest of us are huddling into economy seating and getting the bus, pop stars, footballers and royalty will always have their private jets on standby.

However, if a recent announcement is anything to go by, then this is far from the case.

Profit warning

The company that supplies private aircraft to the Queen has warned investors that its profits are being knocked by a slump in the private hire of jets.

Air Partner, a private jet hire company, has warned the City that full-year profits will be lower than expected. The company, which holds a Royal warrant to provide jet services to the British Royal family, says that tough economic times have affected its business.

Competition

The company has been having particular trouble with the part of the business that hires out larger planes for group travel. These tend to be used by companies flying their staff to particular events - although they have also been used for football teams or rock stars and their entourage on the move. They can also be hired by package holiday firms.

Mark Briffa, chief executive, said: "There's less business around and more capacity in the market, which is making it harder to win contracts."

The company said there was still business on the private jet side, although it didn't give any details.

It's a tough time for the industry, and clearly this is troubling news. However, on the plus side, at least we stand a better chance of rubbing shoulders with celebrities next time we take the plane or the train.

Who knows, maybe Royalty could be joining you for your next trip.
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