Archant has announced a 27% fall in operating profits for 2008 to £2.2 million, down from £30.5 million in 2007.
Archant chairman Richard Jewson attributed the drop to declines in recruitment and property advertising revenues in the newspaper business and in property and display advertising in the Life magazines.
Turnover from ongoing operations reduced 9.2% to £174 million from £191.6 million in 2007 while operating costs were reduced by 6.4%
On-going newspaper and printing operations saw a 31.8% decrease in profits to £16.2 million, while magazines and contract publishing saw profits down 17.9% at £5.8 million.
Online activities saw revenues increase by 51.1% to £3.8 million driven by the further development of jobs24.co.uk and on-line display advertising.
Jewson said: “We expect the difficult trading conditions, which have deteriorated through the last few months, to continue for 2009 and beyond.
“It is impossible to know the timing and extent of any recovery and difficult to foresee the shape and scale of our industry in the years ahead.”
