Group turnover group fell 19% to £142m for the year ending 31 December 2009, down from £175.1m made in 2008.

However, the business said there were signs of improvement as operating profit doubled in the second half of 2009 and was up 11% year-on-year.

Archant claimed its margin improvement reflected "the reduced cost base and some signs of improvement in trading conditions".

Chairman Richard Jewson said there had been significant activity throughout the year to conserve cash, with total operating costs reduced by £26.1m – a saving of 17.1%.

"2009 was a most challenging year with significant declines in all advertising categories," he said.

He added that the management team had reduced its cost base and launched a series of business initiatives.

In December, Archant refinanced its £50m debt, taking it through to April 2013. The company said the move secured its cashflow for "strategic investments" over the next four years.

Archants titles include four daily newspapers, 60 weekly papers, around 80 monthly consumer, contract and regional magazines, and more than 180 websites.

Its AGM is due to take place on 20 April.