Profits at news and information firm Metal Bulletin profits were wiped out after some of the toughest trading conditions in more than 20 years.

The group, which is named after its flagship magazine, said its core metals, minerals and mining division had suffered the most.

Grim conditions in these markets meant underlying revenues, from advertising and subscription sales, dropped ten per cent in the six months to June 30.

Its energy arm reported a 14 per cent fall and Metal Bulletin said the sector was now extremely competitive.

But it maintained the market for energy price consultation, which it specialises in, would continue to grow.

The financial information arm had a stronger first half, which the group said reflected ongoing demand for high quality and truly independent research.

But its performance was not enough to buoy group turnover.

Sales inched up five per cent to £20.9 million, including acquisitions, but dived 12 per cent on an underlying basis. Operating profits slumped from £2.3 million to £1 million.

The figures prompted some analysts to cut full-year forecasts.

Chairman Brian Moritz said: "The group's results for the six months ended June 30 reflect the challenging environment in our principal markets."

About ten jobs were axed in the first half and another 20 were expected to go in the coming months, leaving a workforce of about 480 people.

Chief executive Tom Hempenstall said: "We expect trading conditions to remain difficult during the second half of the year.

"But the ongoing review of the business will position the group to benefit from any recovery in our markets."