Johnston Press has today reported a 15.5% decline in its total advertising revenues compared with the same period last year.
Johnston confirmed its ad revenue loss is due to “substantial declines in property advertising combined with significant falls in employment and display advertising”.
Over the past four months, the company has revealed year on year declines in property ads of around 48.4%, employment ads by 32.1%, motors by 24.3% and display ads by 12.1%.
The company also revealed its net debt on November 1 stood at £465 million, a reduction of £19 million from the balance on June 30.
Johnston, which currently publishes 300 titles including the Yorkshire Post and The Scotsman, is expected to continue with cost-cutting measures after it saved £7.6 million in the first half of 2008.
Johnston said: “This programme has continued into the second half with further significant savings being delivered.”
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