Regional newspaper giant Newsquest has reported a 36.9 per cent year-on-year slump in advertising revenue for the three months from April to the end of June.
US parent company Gannett said in its second quarter results yesterday that it was seeing evidence that trading conditions were beginning to stabilise.
Newsquest classified revenue fell 45.2 per cent on a constant currency basis – ignoring the effect of fluctuating exchange rates between the pound and the US dollar.
Car advertising in the three month period was down 43.5 per cent year on year, recruitment 55.6 per cent and 52.7 per cent.
Gannett chief financial offer Gracia Martore said: “We continue to position the company for the eventual rebound in the economy and the evolving media landscape as we navigate through this unprecedented economic storm.
She added: “In our publishing segment, second quarter year-over-year comparisons improved versus first quarter comparisons and June was our best comparison month thus far this year.”
On the New York Stock Exchange, Gannett’s share price was up 28.9 per cent at last night’s market close, at $4.50.
Gannett publishes 84 daily newspapers in America, including USA Today, and about 700 magazines and non-daily papers.
Newsquest is Britain’s second largest regional newspaper group with 17 daily paid-for titles and about 200 weeklies.