Montgomery, the former chief executive of Mirror group, deemed 2009 "an advertising crisis, not a newspaper crisis" after it reported an 18% slide in group advertising revenues to €865m.
The digital targets include: growing in new revenues (including paid content and online advertising) by €100m from a base of €67m in 2009 over the next three years; and growing unique users of online products from a starting point of 32 million in 2009 to 58 million in the year ending 31 December 2012.
Montgomery, commenting on Mecom's full-year results, said: "In addition to cost reduction, which has been at the top end of performance in the sector, we have continued to invest in digital development with a range of products that will drive revenues in the economic recovery.
"We are looking to reap the rewards from greater productivity from a continually reducing cost base as we further centralise within a single management structure. Today we announce demanding targets for new revenue growth that will flow from our transformed company."
Mecom – which operates in Norway, Netherlands, Denmark and Poland – endured a difficult 2009 and was forced to dispose of businesses and make swingeing staff cuts to offset the downturn.
In the year ending 31 December 2009, total revenues fell from €1.59bn to €1.41bn while EBITDA (earnings before interest, tax and depreciation) dropped 28% from €174.8m to €125.5m in the period.
Net debt was reduced from €682.5m to €373.4m. The group said that over 75% of lost revenues has been mitigated by reduced costs.
Mecom gave signs that the advertising market was picking up in 2010, revealing that declines were less severe than the start of 2009.
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