Silverjet, the business airline which had rather a spat with broker Daniel Stewart last month, has released some disappointing traffic figures.
The airline's January numbers showed a load factor of 54% - the percentage of available seats filled - but this was below expectations.
Daniel Stewart wasted no time in repeated its sell recommendation and zero pence target price (yes, zero).
It said: "The load factor was 53.9% compared with 52.8% in December, and [our recent forecast of] 58.5%. The company says its break-even is at 65%, so January was another month of losses.
"The traffic figures are a little disappointing versus forecast and we have reduced our projection for February 2008 passenger numbers from 9,969 to 8,166 as a result."
On other matters, it added: "There is no commentary regarding yield or regarding the prospects of the Reuben brothers converting their £10m loan into equity; the deadline is next Monday and, at the current share price they would be crystallising a £5m loss."
Over at Blue Oar Securities, analyst Douglas McNeill was also disappointed: "We had been expecting load factor of 56% but it came in at 54%."
Not surprisingly, the shares have fallen nearly 18% to 31.25p.
