According to a report from Reuters, shares in Future Network have plunged after the Bath-based publisher issued a second profits warning in two months, with sales for 2000 now expected to be three percent lower at £253m.
The company said underlying profits were now expected to be reduced to £34m with a £1m loss in earnings before interest, tax and amortisation (EBITA).
The stock Rob Warnered down by 53.1 percent making Future worth £92m. In August 2000 it had been worth around a billion pounds.
"Estimating the expected results for the vital fourth quarter is proving to be an extremely difficult task with trading conditions not reflecting their traditional seasonal uplift," Chief Executive Greg Ingham said in a statement. [He could have been talking about the bike trade…]
Futures computer mags the companys bedrock are currently underperforming. Reuters reports that the company said it was accelerating an ongoing detailed review of its business (that may mean closures of marginal titles) and would cut its 2001 investment to under £20m, from a previous budget of around £30m.