Results out this morning for Trinity Mirror confirm the continued impact of the advertising downturn on local papers.
Reporting its 2009 preliminary results,the company reported a 41 per cent drop in profits down to £72.7m, from £124.2m, with revenues down 11.8 per cent.
The group announced that its total costs had been reduced by over £60m with £40m of that being down to what it termed structural reorganisation.
It expects advertising revenues,already showing upward trends towards the end of last year, to improve in the current year.
Its chief executive Sly Bailey says that the board anticipates a satisfactory performance in 2010 whilst recognising the economic difficulties,and promised to keep the focus on cost cutting.