The publisher of Britain's Daily Mail newspaper said revenue and profit would decline in its media business over the coming year.
The latest tough outlook for the print business sent the company's shares 25% lower.
Daily Mail & General Trust reported a 13% decline in pretax profit in the year to the end of September despite its highly popular MailOnline website moving into the black in the last three months.
In common with other newspaper groups, DMGT is battling tough print advertising markets and long-term declines in circulation.
However, its titles have been outperforming rivals and retain a strong influence on British politics and its comments on what it termed "challenging market conditions" had particular resonance.
Chief executive Paul Zwillenberg, who joined 18 months ago to overhaul a company that stretches from MailOnline to business-to-business information, said the company needed to raise its game.
The company's chief financial officer Tim Collier, who joined the business in April, said the print advertising market would remain difficult and circulation would stay under pressure.
"Last year we managed to offset those circulation declines and advertising decline with increasing cover prices across all three titles and this year we haven't got that," he said.
The company said the underlying rate of revenue decline in its media business was expected to be in the mid-single figures in its 2018 financial year, with the operating margin dropping to about 10% from 11% in the previous year.
Underlying revenue rose 1% in its media business over the past year, driven by an 18% rise in digital advertising on its site like MailOnline, which Zwillenberg said had "addictive, seriously popular" content.
Print advertising revenue at its Daily Mail, Mail on Sunday and the Metro free sheet fell 5%, while cover price rises offset declines in circulations.
Collier said he had reviewed DMGT's business-to-business units, and had written down the assets by £206m, reflecting challenges in the trading environment for its energy and property information businesses.
DMGT reported pretax profit of £226m on revenue of £1.66 billion in the year to the end of September, up 1% on an underlying basis.
