Second alert by mortgage mags firm

 

The publisher of What Mortgage and Mortgage Introducer magazines today warned it would miss profit forecasts by a country mile.

Charterhouse Communications issued a first warning in November but now said the downturn in the UK mortgage market has had a significant effect on its revenues for the year to May.

It has relaunched its main weekly title Mortgage Introducer and is taking measures to cut costs.

The publishing company said in a pre-close trading update that its other non-mortgage publishing and non-publishing products continue to be on target to meet forecast.

Looking ahead the company believes cost-cutting measure implemented in the fourth quarter plus the relaunch of its main weekly title Mortgage Introducer will help protect the business from further decline.

'Coupled with investment in other key areas, and further diversification where possible, the company is in a good position to benefit from any recovery in the coming months,' the statement added.

Charterhouse will publish its full year results on 26 February together with its outlook for the year-end and beyond.