Regional newspaper publisher Archant has announced better-than-expected half-yearly results with revenues down only 3.3pc on the same period last year.

At the same time the company has revealed that digital advertising revenues have increased by 63pc over the past 12 months.

The Norwich-based company, which publishes four daily and 60 weekly titles, turned in an operating profit of £13.1m in the first half of the year, 8.9pc down on last year’s figure of £14.5m.

But despite difficulties in the property markets, the company’s homes24 portal saw unique visitors increase by 117pc and the number of properties on the site increasing to more than 100,000.

In the group’s magazine division, turnover increased by 4.1pc to £27.8m while operating profit remained stable at £2.6m.

But although Archant conceded that the results were “relatively positive,” company chairman Richard Jewson remains cautious about the economic outlook.

He said: “We have entered a period of significant difficulty for the regional press, evidenced by share price movements of quoted peer companies, with both cyclical downturn and structural changes impacting the sector.

“The depth and duration of the downturn is as yet unclear and we expect the difficult trading conditions to continue for at least the next year.

“Our capable management team will actively seek efficiencies and cost reductions to mitigate the impact of the economic downturn and focus efforts on developing our on-line businesses.

“The company has a strong balance sheet, market leading brands and is well positioned to weather the economic storm.”