After the trading update, which was issued to the London Stock Exchange last Thursday (14 July), VTR's share price has plummeted to 36.5p - almost a third of its first-quarter levels.
The statement said: "In common with many sectors of the media and advertising industry VTR plc's last quarter performance to the end of June has been disappointing and the directors now anticipate a loss for the full year to August 2005 in line with market awareness.
"The board proposes a further update to shareholders in September on steps being taken to restore profitable performance in the longer term, recognising market conditions."
Managing director Paul Tracey said that no such steps had been taken but that he had a duty to consider all possibilities.
Former managing director John Banks, who resigned in May, restructured the group last August, cutting 12 jobs.