Local media group Johnston Press PLC (LON:JPR) has seen another large dip in classified print advertising but performances were much better in digital and at the i newspaper.
Revenues fell by almost 8% to £103mln in the half year to July, though without the classifieds there was a near 5% improvement to £85.6mln with online ads showing a 15% improvement and audiences at a record high.
The i newspaper also had a solid half with circulation rising to £11mln and underlying profits of £3.7mln (£2.6mln).
“Digital revenues (excluding classifieds) have outweighed the declines of print advertising revenues,” said Ashley Highfield, Johnston Press’s chief executive.
He added the performance of the i newspaper had been ‘fantastic’ during the 16 months since acquisition.
For the rest of the year, Highfield expects classifieds to continue to be difficult but digital display advertising is growing 25% year-on-year.
Talks over restructuring its £220mln of loan notes continue, it said, and are currently centred on the pension trustees.
Shares rose 5% to 11.5p.