Troubling times at regional publishing giant Archant.
The groups latest figures, released yesterday, show a 32 per cent fall in operating profits for the year to December 31, 2009.
Although the group said the second half of the year had seen improvement, overall advertising revenues have declined in all major categories.
Chairman Richard Jewson said turnover fell 19 per cent to £142.0m (2008: £175.1m) and operating profit fell 32 per cent to £15.1m (2008: £22.2m).
As a result of the downturn operating costs were reduced by £26.1m, a saving of 17.1 per cent.
Mr Jewson said: “2009 was a most challenging year with significant declines in all advertising categories. The new management team proved well up to the task, taking swift and decisive steps to reduce the cost base and launching a number of new business initiatives.”
State of Play: Bring out the defibrillators now