Shares in e-learning venture AdVal surrendered 20% of their value after directors warned results for the full year to March 2002 were likely to be 'significantly lower than market expectations'. The tragic events of 11 September 'further impacted' business confidence, hitting revenues over the past month. First half figures will reflect large amounts of investment in 'KeyKnowledge', a joint venture with Pearson Group company, FT Knowledge. Results for the full year 'may be at or around the break-even level' if declining demand for off-the-shelf titles and traditional training and development products and services continues. AdVal's outlook appeared bright following its preliminary announcement back in July, with analysts looking for pre-exceptional pre-tax profits of £800,000 on sales of £7.6m. Over the past two years, AdVal has moved further away from the traditional training and development sector in favour of e-learning, higher level change management and executive development consulting. In May, it bought Testline, a company which tests the reliability of e-learning products and in July, it snapped up Terra Nova Media, a provider of internet services. The shares were marked down 20% to 18p, compared to a 63.5p 52-week high.