The impact of trade wars on manufacturing, technology and mining stocks has been well-publicized. The tension is now hurting a more glamorous industry: private jets.

BBA Aviation Plc said on Monday that its Signature business -- which runs over 200 private jet terminals worldwide -- continues to see a reduction in discretionary flying, citing trade wars as one of the reasons. The shares fell as much as 5.9%, the most in five months.

“Uncertainty around the U.S. trade tariffs, Gulf tensions and a slowdown in China continues to impact business confidence,” the company said in a statement. “The reduction in discretionary flying, which has been most notable in our charter customer segment, continues.”

BBA is among many companies that have cited U.S.-China tensions in their latest earnings releases, with Spectris Plc and Renishaw Plc among U.K. companies also bemoaning the effects.

The market backdrop means that “consensus forecasts look toppy at present,” for the Signature unit, Jefferies analyst Andy Douglas wrote in a note to clients, reiterating a buy rating on the stock. Organic revenue growth for BBA’s Signature fixed-base operations business in the first six months of the year was 1%, outperforming the U.S. business and general aviation market, according to BBA’s statement.

Before today, the shares had risen 44% year-to-date, helped by the outperformance of the company’s parts and repairs unit, Ontic, which was sold last week to private equity firm CVC Capital Partners for an enterprise value of $1.4 billion dollars.

The shares have also been helped by the strengthening dollar and gained this year “off a very low base” following a slump in 2018, Berenberg analyst Eoghan Reid said by phone. BBA earns about 86% of its sales in North America, according to data compiled by Bloomberg.

This article was provided by Bloomberg News.