Flybe shares have fallen more than a third after issuing a profit warning, blaming poor demand, a weaker pound and higher fuel costs.
The airline now expects a full-year loss of £12m – more than triple the figure analysts had expected.
Flybe said passenger revenue per seat rose 6.8%, while the number of seats filled was up 7.2% year-on-year.
However, it warned consumer demand had “weakened” in recent weeks and was likely to fall further.
Shares fell 11.1p to 21.1p, valuing the firm at just £63m.