Shares of Total Film and TechRadar magazine publisher Future crashed 20 per cent in early trading as advertisers refused to spend and forced the firm into a second profit warning in two months.
Future, led by chief executive Mark Wood, said the downturn in trading seen before Christmas dragged on into January and February as US and UK advertisers kept the purse strings closed.
Underlying profits for the full year to September will now be “significantly” below consensus forecasts of £9 million.
The firm, which has around 200 magazines, apps, websites and events, is increasing its focus on key areas of technology, photography and sport. That could mean sell-offs and closures.
The shares, off 2.6p to 10.4p, have nearly halved since the start of the year.