Shares in John Menzies crashed by more than 15% yesterday as the group warned of "much weaker than expected" winter airline schedules and said profits would suffer.

Shares in John Menzies crashed by more than 15% yesterday as the group warned of "much weaker than expected" winter airline schedules and said profits would suffer.

The aviation servicing and print media distribution group sank 40.75p to 229.25p, well below the 250p it hit in early 2003 at the bottom of the last bear market. The shares were trading above 550p only five months ago.

In late August, Menzies said its airline customers were facing "unprecedented challenges" but their winter schedule cutbacks so far amounted to less than half the industry average at around 3%.

Yesterday, however, the group said: "The latest confirmed flight schedules for the winter period . . . are much weaker than anticipated. As a direct result of this . . . the board believe that Menzies Aviation is unlikely to meet current market expectations for the full year."

It said divisional earnings would probably be between £14m and £16m. It reported underlying operating profit of £20.6m last year, up from the £16.6m of 2006.

Menzies Distribution, which made £23.4m last year, was said to be trading as expected.