Boomerang Plus has been hit by the weak TV market and two underperforming projects.
Profits well be well short of expectations in the year to May 2009.
Shares in Boomerang slumped 20.5p to 57.5p each, which values the TV programme producer at £5.12m.
Boomerang’s activities have held up better than many of its rivals because a large chunk of its business comes from S4C.
The advertiser funded programming division has already gained more than £1m worth of commissions for the year to May 2010. The balance sheet remains strong with cash in the bank. Cost savings will be made so that the cost base is more in line with the current demand.
The full year figures will be announced in October 2009.
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