Magazine and radio group EMAP expects profits for the current year to March 2005 to miss forecast due to the weakness of the euro and its French business.
Mr Gary Hughes, the finance director, told reporters that following the group's full year results that EMAP's earnings, though still growing, will be off analysts' estimates by "anywhere between £5 million (sterling) and £10 million.
"We're still expecting profits and revenues to grow again this year but not as much as what people expected," he said.
Mr Tom Moloney, the chief executive, said the "competitive frenzy" in the TV listing market in France following the deregulation last year will continue to hit the company's business there this year.
Earnings from the French business, which now accounts for a third of the group's turnover and profits, are likely to be £8 million below expectations for 2005, he said.
EMAP, which owns Tele Star and Tele Poche in France, is to embark on an aggressive marketing campaign to buoy the business.
"We're looking at all options. We have to ensure that Tele Poche and Tele Star are robust and are in good shape to compete," Mr Moloney said.