Shares in Future Network plunge 44%
Shares in Future Network, the UK magazine and internet group, plunged 44% to 272.5p after it warned that it expected full-year profits to be below analyst’s forecasts.
LONDON (Brand Republic) – Shares in Future Network, the UK magazine and internet group, plunged 44% to 272.5p after it warned that it expected full-year profits to be below analyst’s forecasts.
Full-year profits in March for the year ending December 31 are expected to be up 25% to around £40m, but about £6m short of analyst’s expectations.
Revenues are scheduled to be up 30% on last year’s results, to about £260m.
The warning follows a difficult period for the group, which has seen advertising revenues fall and is faced with a £3.25m accounting irregularity at its French division. The French unit’s earnings will be lower and the company will have to bear the cost of external auditors hired to investigate the case.
Future, which publishes the Official PlayStation Magazine for Sony, is also suffering because the games console manufacturer has delayed the launch of its PlayStation2 console.
The company blames the market’s reaction to technology stocks as the reason its business magazine, Business 2.0, which covers technology and the internet, has witnessed a decline in advertising.
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