Shares in Marie Claire, The Week and Go-Compare owner Future PLC (LSE:FUTR) fell almost 5% after it said results for the current year would be in line with market forecasts, and that it was making progress slimming down its portfolio.
During the fourth quarter of its financial year to 30 Septenber, the FTSE 250-listed publishing group began closing several "non-core or low-growth assets", which included a "small number" of print magazines and websites, an external video production unit and certain events.
It said the closed units of this "portfolio optimisation" represented circa £15 million of annualised revenue, with profit margins below the group's average.
Chief executive Jon Steinberg, who succeeded long-running boss Zillah Byng-Thorne in April last year, said: "We are making good progress with our growth acceleration strategy since its launch last December."
He said this strategic progress, combined with the return to organic growth and the stabilisation of online audience trends, as announced in the summer, means full-year performance will be in line with market expectations.
"Whilst we remain mindful of the macro backdrop and the ongoing evolution of the media landscape, including updates in the search market, the highly cash generative profile of the group and our cost base flexibility ensures we are well positioned as we look ahead."
Broker Peel Hunt said the City analyst consensus is for revenue of £786 million and adjusted operating profit of £220 million.
For the new financial year, the broker is projecting a "slight reduction" in adjusted operating profit of 1-2%, excluding FX adjustments, to account for the disposals.
"Despite the challenging trading environment for publishers, we believe Future is holding up well. Audience levels have stabilised, and the company is returning to organic growth. We expect further stability with the recent appointment of Sharjeel Suleman as CFO."