In a trading update, the newspaper publishing firm said its revenues declined by 9% in the period from 1 January 2018 to 31 May 2018.
The group said its trading environment remained extremely challenging, exacerbated in recent months by uncertainty around future paper costs and the impact of General Data Protection Regulation (GDPR) on digital advertising revenues.
Johnston Press said: “We expect to see continued pressure on revenues in the second half of the year, and a requirement for cost savings.”
It added that its cash at bank at the end of May was £24.6mln.
The owner of the Scotsman and Yorkshire Post announced on 29 March 2017 that it has commenced a strategic review to assess the financing options available in relation to its £220mln 8.6% senior secured notes, due for repayment on 1 June 2019.
The company said no agreement on these potential amendments has yet been reached. However, the group said it is continuing to work with the ad hoc committee and its other stakeholders on a number of alternative strategic options for the restructuring or refinancing of the bonds.
In early morning trading, Johnston Press shares were down 17.6% to 7.00p.