In its results for the 53 weeks ending 2 January 2010, Johnston Press reported profits of £43.3m from revenues of £428m, which were down 19.5% year on year led by 26.5% in ad revenues only partially offset by cost cutting.
The rate of decline did slow throughout the year, with ad revenue in the first quarter 2009 down 33.9%, compared to 11.2% in the last quarter. Like-for-like ad revenue decline in the first nine weeks of 2010 was down 7.3%.
Digital revenues were down 10.6% for the year, although they improved as the year progressed and ended up 12.3% in the fourth quarter.
The regional publisher which is currently on a number of its sites said no decision had yet been made as to whether to fully implement them or not.
Johnston Press, which owns the Yorkshire Post and The Scotsman, said following the successful refinancing of debt facilities in August 2009, net debt was down by £55.3m to £422.1m and as a suitable price for the Irish papers was not found, no further sales are being contemplated.
The group boosted its online jobs service through a partnership with DMGT's Jobsite, resulting in a rise in jobs revenue in the last quarter by 15.7%, although revenue for the full year was still down 29.1%.
Johnston Press reported that the remaining classified search engines for property, motors and business listings were in the process of moving away from bespoke technology and that this was expected to be completed this year.
John Fry, chief executive of Johnston Press, said: "The year ended with the group in a much stronger position than it began. Advertising is more stable, circulation trends have improved, digital revenues are growing, our cost base has reduced significantly, and we have renegotiated finance facilities for three years."
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