The group publishes newspapers including The Scotsman and the Yorkshire Post. Its revenue fell to £531.9m in 2008, a drop of 12.4% year-on-year.
Its advertising revenue in the UK fell 16.8% last year. The 2009 slump is the company's biggest ever fall and is another indication of the serious difficulties facing the regional press as it battles the recession.
Property advertising revenue have taken a big hit in the local press. The group has seen a 32.4% drop year-on-year so far in 2009. Motors classified revenue fell by 21.2% year-on-year.
Revenue from newspaper sales was down by just 1% last year.
The rate of decline accelerated to 54.8% in the last three months of 2008. Employment advertising fell by 19.5% for the year to £82m, the last quarter saw this drop to a 40% year-on-year fall.
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