Local newspaper group Johnston Press today said trading conditions had become “more challenging” during the second half of the year, but it was beginning to see signs of improvement.
The firm, which publishes more than 240 newspapers, including The Scotsman, said total like-for-like revenues in the 18 weeks to 3 November were down 11.4 per cent compared with the same period last year, although there were signs that the rate of decline was slowing this month.
Chief executive Ashley Highfield also said the decline in circulation revenues had slowed to 0.5 per cent following the relaunch of 54 paid-for titles, and he expects to see year-on-year growth in circulation revenues during the fourth quarter of the year.
Net debt fell from £351.7 million at the start of the year to £336m as at the end of October, with further reductions expected over the remainder of the year.
Highfield added: “We project that full-year like-for-like cost savings in 2012 will now exceed £30m, representing a further £5m saving over and above the amount estimated at the time of the interim results.”