Total revenue was down 25.4% over the first six months of 2009, to £218.6m, compared to the same period last year, with total ad revenue down 32.7%, according to interim results released today (28 August).
The results reveal ad revenue in print was down 33.5%, with classifieds hardest hit: employment revenue was down 53.8%, property 54.2%, motors 29.3% and other classifieds 11.5%.
The company also broke out digital revenue for the first time, which was down by 18.8%, again caused by a decline in employment revenue.
Johnston Press warned the market in May that it would breach its banking covenants, but it has now agreed a three-year, £485m debt facility with its lenders. It also said it has paid off more than £50m of its debt, taking it down to £424m.
John Fry, chief executive, said while the timing of any uplift was uncertain Johnston Press had seen ad revenue stabilising recently. He said the company would maintain its focus on costs and would "look to secure additional operating efficiencies".
Fry said he was pleased with how the company had performed, having achieved an operating margin of 17.5% across the period, with the widening losses being due in large part to a £126m write down in the value of its assets.
Johnston Press cut 439 full-time staff, at a cost of £5.4m in redundancy and organisational payments, during the period, taking its total full-time staff levels to just under 6,000 across the group.
Fry said further reductions in costs would focus on putting better sytems in place to improve efficiencies and automate workflows and it would maintain investment in its publications.
All 19 of the company's paid-for daily newspapers that featured in yesterday's regional ABC figures showed declining circulations year on year.
But Fry added that the company had seen an improvement in recent months and he was confident the declines could be reversed.
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