Johnston Press dives on ads fall

The regional newspapers publisher Johnston Press has revealed full-year profits more than halved, blaming it on lower advertising revenue.

The company, which publishes the Scotsman and the Yorkshire Post, saw pre-tax profits drop to £12.6m in 2012, from £28.4m.

The publisher warned the challenging environment it faced in the second half of 2012 had continued into the start of this year and said it was continuing to reduce its workforce. Staffing levels were down 23 per cent in December on a year earlier.