Regional publisher National World has set out a series of ambitious plans for the coming year after unveiling a £4.3m increase in revenues for 2023.

The group, which recently added Wolverhampton’s Express & Star to its portfolio of regional titles, plans to launch a new ‘local social media platform’ during 2024 as well as using AI to produce up to half of all pages in its weekly titles.

The new platform is to be called Your World, which currently exists purely as a story submission service.

National World say that in the coming months it will be launched with “a significant improvement in content and service for around 50 of our heritage brands.”

The company also plans to dispose of Press Computer Systems, which it bought as part of its purchase of E&S publisher Midland News Association last year.

And chairman David Montgomery revealed he aimed to “sweep away the last vestiges of an industrial print business” as the company transitions from “a media business with a specific expertise in news journalism” to “a wider content agenda distributed across all platforms.”

Today’s results saw revenues increase from £84.1m in 2022 to £88.4m last year, with statutory pre-tax profits down from £5.1m to £3.1m.

Digital revenue grew 13pc to stand at £18.4m but print circulation revenue fell 3pc and print advertising revenue was down 1pc.

Mr Montgomery, pictured, said in his chairman’s statement:  “We have made substantial progress in transforming the brands and businesses under our stewardship. Our intent remains to sweep away the last vestiges of an industrial print business to create a professional model with every individual making and being recognised for their unique contribution.

“In 2024 National World will begin to unveil several initiatives designed to pivot the Group towards growth for the first time in two decades.

“Our strategy is to transition from a media business with a specific expertise in news journalism, restricted by geographical focus, to a wider content agenda distributed across all platforms.

“Instead of duplicating the market, the routine approach of conventional news providers, National World will specialise in original and expert content that is monetisable across multiple formats and channels. Subscriptions and paid content will feature across many activities including the premium print titles, sport, culture and business coverage together with a focus on affiliates revenue.

“We continue to train our journalists in video production and are self-sufficient in editing and flighting this content. We have a national footprint, having established a presence in all major UK metropolitan areas with our mid-market World brands portfolio.

“In the months ahead our local social media network platform “Your World” will be launched with a significant improvement in content and service for around 50 of our heritage brands.  This comes with IP developed internally and with partners that may be viable as a marketable asset to service other media operators.

“For the first time this century these brands will be able to boast of having 100 per cent local content and the re-establishment of a marketplace through online engagement.

“AI has been harnessed to boost local video advertising sales, video news bulletins and automated print pages. We are currently producing around 200 pages per week through AI production and aim to increase this to around half of all pages produced for our weekly titles by the end of 2024.”

The group said it would continue to pursue acquisition opportunities following the purchases of the MNA for £11.5m, Insider Media for £2.5m and Bann Media for £40,000 during 2023.

The Rotherham Advertiser, Newry Reporter and Farm Week were also acuired for a total of £400,000.

Technology provider Press Computer Systems was bought as part of the MNA deal in September but will shortly be sold off.

Today’s report said: “The Group is in advanced stage discussions for a business disposal that it expects to complete on 31 March 2024.”

Today’s results also reported a 25pc increase in average monthly page views across the group to more than 139m.

And new websites were introduced at the group’s ‘premium brands’ The Scotsman, Yorkshire Post and the NewsLetter, with The Scotsman posting 7pc annual subscription growth since the changes were implemented.