Regional Express knew it was going to miss profit forecasts a week before it released the information to shareholders because it was waiting for the information to be “reviewed and confirmed” by its chairman.

The airline, known as Rex, disclosed that it first became aware of the probable loss when draft May revenue data became available on June 13, according to a response to queries from the market operator. However, it did not disclose the likely annual loss until the following Tuesday, June 20.