The sale of Northcliffe Media to the Local World consortium resulted in a £4m pensions saving for its former parent company, according to its half-year results published today.

The regional newspaper group was sold by Daily Mail publisher DMGT at the end of December 2012, with its former owner retaining a 37.8pc stake in the newly-formed company.

Today’s half-yearly results for DMGT, covering the six month period from October 1 to March 31, show that underlying revenues declined at Northcliffe Media by just 5pc in the final three months of DMGT’s ownership, a far slower rate than the 10pc drop seen in the previous financial year.

The results also show that DMGT benefited to the tune of £4m from the ending of the Northcliffe defined benefit pension plan, which has since been replaced by a new Local World pension scheme.

Today’s report showed revenues at Northclffe Media in the three months to December 31 were £49m compared to a figure of £59m for the corresponding period in 2011.

Operating profit in the same period was £7m, giving an operating margin of 15pc.

The report says:  “Northcliffe Media was sold to Local World, a company in which the Group now owns a 38.7pc stake, at the end of December 2012. Consequently the results in the period only include three months’ trading.   Local World delivered a strong operating margin in its first quarter of trading to March.

“There was also a £4 million non-cash benefit within exceptional operating costs in respect of the curtailment of the Northcliffe defined benefit pension plan.”