Future has warned of a "challenging trading outlook" as it issued its sixth profit warning in under two years.
In a statement on Tuesday, the publisher said that "continued weakness in both advertising and newsstand have led the board to reduce its profit expectations".
The specialist publisher, whose 150-plus titles range from technology and gaming to music, entertainment and hobbies, said it would give an update on its strategy when it releases its annual results on 28 November.
The statement said pre-tax earnings for the current financial year to 30 September 2006 were "now considered likely to be approximately £3.5m below current market expectations."
In March this year, Future continued its run of profit warnings with the disclosure of a pre-tax loss of £12.1 million.
Chief executive Greg Ingram, who in 2004 had made public the company's hope to double in size and profits by 2008, departed the day the results were announced, and was replaced by Stevie Spring, former UK chief executive of outdoor media giant Clear Channel.