Pan-European newspaper group Mecom has reported a 14% fall in group revenue for the first four months of 2009.
Run by former Mirror Group boss David Montgomery, the company also revealed a 22% drop in ad revenue for the period.
In a statement it said: “There are now indications that rates of decline have generally reduced since February, the worst month, and that there is greater stability, in particular in our Dutch and Norwegian divisions.”
It added that it was confident of achieving at least €75 million (£66 million) cost savings in the full year, which it said would mitigate against the decline in ad revenues.
Its circulation revenues over the period remained stable and subscription renewals were above or in line with expectations.
Its net debt was down €126.7 million (£111 million) since December 31, 2008, to €565.5 million (£498 million), following the disposal of assets in Germany, and Norway.
