Northcliffe Media has suffered a 5pc drop in overall revenue ahead of the close of its fiscal year, it was announced today.
But revenue at parent company Daily Mail and General Trust was up 4pc for the 11 months up to the end of August 2008.
Comparable UK advertising revenues for Northcliffe Media, which published over 100 daily and weekly newspapers and sister websites, were 9pc lower than the same period last year.
All major categories of the advertising market suffered with property down 19pc, recruitment falling 9pc, retail 3pc and motors 12pc.
July and August were particularly bad for Northcliffe with comparable advertising revenues down 22pc on the same period last year – property down 45pc and recruitment 28pc.
DMGT chairman Lord Rothermere said: “Our strategy of creating a diversified international portfolio of market-leading operations across both business and consumer products provides considerable resilience and leaves us well positioned to deliver long-term growth.
“Inevitably, the worsening economic conditions are having an impact on our newspaper and property businesses but the B2B divisions have continued to perform well.
“The recent events experienced by financial markets and institutions will have no material impact on this year’s results.”
Northcliffe Media did enjoy an upsurge in digital revenues with a 46pc spike in year-on-year figures and a 6pc share of overall advertising revenues.
Circulation for its newspapers was down 2pc excluding titles acquired or shut down during the previous financial year.
DMGT’s financial year closes on September 28 with the full 2007/08 results and final dividend due out on November 20.