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According to accounts filed at Companies House for Express Newspapers, its accounts were adversely impacted by extra charges from its printing operation, West Ferry Printers, and from higher promotional costs.

Compared to the previous year, additional print charges of £17.1m were incurred, arising from further contributions to the West Ferry Printers' pension scheme and from redundancy costs following a restructuring of that business.

In addition, the company raised its investment in West Ferry Printers by £16m and later took an impairment charge in the year of £7.7m on that investment. Subsequently, it said, Express Newspapers took full control of the company by buying out its partner, Telegraph Media Group, for an undisclosed sum.

The Richard Desmond-owned newspaper group posted a pre-tax profit of £4.8m in the year ending December 31 2008, a fall from £54.9m in the previous year. Turnover at the group, which also includes the Daily Star Sunday and the Sunday Express, dropped from £280.2m to £257.7m over the period.

Express Newspapers slashed the cover price of its red-top daily the Daily Star from 35p to 20p in November last year, as it looked to grab market share from News International's red-top rival The Sun.

The company disclosed in the accounts that it had budgeted for cover price reductions to continue this year and added that its promotional offers across the Daily and Sunday Express, which began in October last year, had cost it £6.5m in the financial year.

The accounts also show that Express Newspapers paid £311,000 in emoluments during the period to its highest paid director - identified as Stan Myerson, group joint managing director, Express Newspapers and Northern & Shell. This was down from £320,000 the previous year.

Across Express Newspapers, wages and salary costs were £38.9m during the reporting period, broadly flat year on year.

In the accounts, the company said: "The directors consider the underlying performance of the company to be highly satisfactory given the prevailing economic climate and the highly competitive market in which the company operates. It is the intention of the company to continue trading in its principal activity for the foreseeable future."

Express Newspapers was unavailable for comment.