Total advertising revenues at regional publisher Johnston Press declined by 8pc in the second half of the year according to figures released today.

However the company’s latest interim management statement showed the rate of revenue decline has slowed from the 10pc drop recorded in the six months up to the end of June.

Circulation revenues also showed a marginal improvement over the first half of the year, declining by 1.6pc compared with 1.8pc.

But digital revenues increased in the 18 week period from 1 July to 5 November by 4.4pc, driven partly a new business directory offering “Find it” and increased display advertising following the redesign of its websites

Cost savings over the full year have so far amounted to £20m, with net debt reduced from £386.7m at the start of the year to £357m on 5 November.

The company said:  “With the continued cost savings and the improved advertising declines, we expect full year results for 2011 to be in line with current market expectations.”