Profits at a newspaper publisher fell by around a third as it faced continued economic pressures, its latest results have shown.
Tindle Newspapers saw its pre-tax profits fall from £2.06m to £1.39m in the year to 31 March 2013, while turnover fell from £35.7m to £34m year-on-year.
The accounts also showed the company made £248,000 profit on disposal of land and buildings and that the group paid £45,000 to Sir Ray Tindle for rental of The Old Court House in Farnham, where it is based.
The report, which has just been made public by Companies House, said the group had faced continued pressures on revenue during the year but much of this had been offset by the launch of 20 hyperlocal titles in the London area and elsewhere.
In the accounts, the directors also highlight how no titles had been closed during the recession and no journalists had been made compulsorily redundant.
New titles launched during the period included seven hyperlocal newspapers in South London, alongside flagship title the South London Press.
The report shows that staff costs had fallen from £15m to £14.6m during the period as headcount was lowered from 761 to 725.
The number of staff employed in editorial and production roles fell from 303 to 282 over the year and the unnamed highest-paid director received £148,780.
In the directors’ report, it said: “The principal challenges facing the group arise from the continued pressure in the advertisement market as a result of the economic situation in the United Kingdom.
“During the year the group has faced continued stress on revenue from this. The board, however, has been able to offset much of this fall in national revenue by the launch of twenty very local titles in the London area and elsewhere, thus increasing local income as well as attacking costs to minimise the effects of the lost revenue.
“The directors are confident that liquidity will continue to improve in the future and are proud that no titles have been lost throughout the recession, no journalists have been made compulsorily redundant and several titles are planned to be purchased.”