Shares in Merit Group were down 14% after it said a round of investment would dent profitability in the current year.
Alongside prelims, the publisher of the 'political bible' Dods said adjusted EBITDA will be approximately 15% lower than reported in the year just gone.
The update took the shine off a generally positive financial performance over the 12 months ended March 31 - a period in which adjusted earnings grew 50% to £4 million on the back of revenues of almost £20 million, up 7% year over year.
In late-morning trading, the stock was off 12p at 74p.