European newspaper publisher Mecom, which owns titles in the Netherlands and Denmark, has reported an 11 per cent decline in like-for-like revenues for 2013 and flat profits.
Advertising revenues in the year fell 21 per cent and the company, which employs 2,500 people, said its focus this year would be on "cost control … given the expectation that traditional advertising revenues will continue to decline".
The publisher said today that it had negotiated €140m in new financing from its lending banks and costs for the past year were down 13 per cent. Group revenue last year was €807.9m and adjusted pre-tax earnings €87.5m.
Mecom chairman Rory Macnamara said: "In the face of continuing challenges in our advertising markets, these 2013 financial results are very good indeed.
"Significantly reduced debt and our new financing arrangements provide certainty for the future and will allow us to focus fully on the commercial development of our businesses.
"I am grateful to all of our colleagues throughout our operations in both the Netherlands and Denmark for their hard work in achieving such a positive out-turn."