Business has gone from bad to worse at this financial publishing house. At the interim stage it produced a loss of £8.3m on reduced sales of £6.5m. The figures included a £7.2m write-off against the value of its recently purchased home study business (the director of this outfit has since departed). This week the company warned the market that advertising revenue at its magazines has been disappointing over the last few month. As such, it says results for the year will not meet current expectations. The company has already suspended some titles and initiated a bout of redundancies. More worrying for investors, was the news that it has breached its banking covenants. The shares, which Teather & Greenwood analyst Jonathan Barret reckoned were a 'Hold' at 4.25p less than two months ago, are trading at 1.75p - their lowest level for half a decade. Avoid.