March 14 British publisher Future Plc warned on Friday that its full-year adjusted core profit would be "significantly below" market expectations and lower than last year's level.
Britain's number one magazine exporter said the poor trading conditions towards the end of the first quarter continued into the first two months of 2014, hurting results.
The company - whose roster of publications include T3, Cycling Plus, Total Film, Mollie Makes and Xbox: The Official Magazine - reported normalised earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDAE) of 7.6 million pounds ($12.67 million) for the year ended Sept. 30, 2013.
The company said it would now focus on its core areas -technology, sports and photography - and that steps initiated last month to cut costs would continue for the rest of the year. ()
Shares in the company closed at 13 pence on Thursday on the London Stock Exchange.