According to the Financial Times in London, shares in Sanctuary fell another 18 per cent after the UK artist management and music publisher issued its third profit warning since June.

Sanctuary, which manages artists including IRON MAIDEN, AXL ROSE and SLIPKNOT, said in a trading update that full-year losses would be below the lowest end of market expectations.

The music company has suffered from its rapid expansion, particularly in the US, followed by delays to album releases from some artists that are believed to be mostly in its urban record business, run by Matthew Knowles, Beyonce’s father.

Andy Taylor, chairman, said on Wednesday: “I am well aware that Sanctuary has disappointed the market significantly this year and, with hindsight, it is clear we grew too fast…The Board and I are determined to steer a company that has an extremely strong roster of artists back to a profitable trading position and back to sustainable long term growth.”

In June the shares lost almost a third of its value after the group warned that profits would be below expectations for the first half.

Then in August, shares fell 40 per cent after Warner Music was understood to have pulled out from talks on a possible takeover of the group and Sanctuary said it expected a further deterioration in results.

Sanctuary on Wednesday gave no further update on any more offers for the company, though the group said in August it remained in discussions with other parties.

Earnings before interest, tax, depreciation and amortisation (ebitda) - and before exceptional items including restructuring costs and provisions - would generate a loss, the group said.

However, Sanctuary said it was on target to achieve £7m to £8m of annual cost saving to be implemented by the year-end and intended to make additional cost savings. Additionally, it continued to be in discussions over the disposal of a number of non-core businesses.

Shares fell from 10p to 8.25p in early morning in London. They are down from a 44p high this year.