Planestation shares plummet 30% over lack of passenger numbers

SHARES in Planestation plunged 30% yesterday after the owner of Shannon-based airline EUjet said it was struggling to attract enough passengers and would need to sell property assets to ease cashflow problems.

The company, which also owns Kent International Airport in the south-east of England, said it was in the process of selling a 75% interest in a business park next to the airport, but warned that EUjet passenger traffic had failed to meet targets over the past year.

Planestation bought EUjet late last year in a deal that valued the airline at around e6 million. It planned to use EUjet’s low-fares strategy to increase traffic through Kent.