Shares in the magazine publisher Future slid 15% yesterday to 42p after it warned that 2006 profits would be 20%, or £5m, below expectations.
Future, which publishes Xbox, Total Film and Fast Car, blamed poor sales of its car, games and women's interest titles. It is cutting paper, printing and promotional costs.
Analysts said it was suffering from the combined effects of the consumer spending downturn and the migration of readers to the internet. As it was Future's fourth profit warning in 15 months, they suggested the company was increasingly vulnerable to a private equity takeover.