As regional publisher Archant posted a 24.4% decline in revenue and a 61.6% slump in operating profit, its performance in digital markets offered a ray of hope.
Against a backdrop of pay freezes, upcoming redundancies and a 29.5% drop in traditional advertising revenue, Archant saw its digital revenues increase by 18.9%.
Chairman Richard Jewson said that it would take time for the company to adjust to changing conditions and restore profitability to previous levels, but was adamant that its digital business was a main area for development.
He said: "Our management have responded strongly in the extraordinary market conditions by focussing on innovative ways of stimulating new and existing revenue streams, reducing operating costs by £14.8m and preserving cash, while seeking new ways to develop our digital businesses."
Archant is best known for its regional titles, The Eastern Daily Press and the East Anglian Daily Times, but publishes 140 newspapers and magazines that range from the Hackney Gazette to West London glossy The Resident.
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