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The abolition of SATS for 14 year olds will hit the figures of educational and political publisher Huveaux.
Management believes that there could be a knock-on effect on other revision products for the same age range. Sales and profits will be significantly below expectations in 2008.
The political side of the business is trading in line with expectations.
Group profits will be lower than expected. Analysts had been expecting profits of more than £3.5m in 2008.
New cost savings will cut £500,000 off annual overheads.
The share price fell 1.75p. At 7.5p a share, Huveaux is valued at £11.4m.
Founder John van Kuffeler has resigned as non-executive chairman and director. Kevin Hands takes over as chairman. John Clarke has also resigned as a director.
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