Johnston Press has announced that it is has seen “no discernible improvement” in advertising revenue as they announced a fall of 9.4 per cent in the five months up to 3 June.
The Edinburgh based owner of The Scotsman and Scotland on Sunday also stated that on a like-for-like basis, if acquisitions such as The Leinster Leader, Score Press, Local Press Limited and Scotsman Publication were included then revenue would have been down 8.4 per cent.
The company statement read: "Declines were experienced in employment, motors and display. All of these declines reflect the relatively difficult conditions being experienced in the relevant markets, higher unemployment and lower vacancies; lower car sales and dealer consolidation; weakness in consumer confidence and poor results from a number of high street retailers."
Tim Bowdler chief executive of Johnston Press said that there is no sign of any immediate improvement.