Newsquest, the local newspaper publisher owned by US firm Gannett Corporation, has reported a 19% year on year fall in classified advertising revenue for June.
Gannett said that the drop in revenue was caused by a 36.8% decline in property ads, a fall of 17.3% in employment ads and 14.9% in automotive ads across its 300 British newspaper titles, compared with the same period last year.
The group, the largest newspaper publisher in the US, reported an overall fall in advertising revenue from its publishing business of 16.3% in June compared with the previous year.
It also reported a 36% overall fall in earnings for the second quarter of 2008 compared with the previous year, as advertising sales in its publishing business fell 14%.
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