According to its interim statement for the nine weeks to 1 May, advertising revenue was down 10% year-on-year for both the quarter and the first half of the year.

However, the group highlighted the fact that it has increased its structural cost-savings target for 2011 from £10m to £15m.

It said: "Whilst the trading environment remains difficult, the group continues to benefit from ongoing management initiatives which drive efficiencies through the re-engineering of core business processes."

The company paid £33m towards its pension deficit at the end of March, which resulted in a £20m hike in net debt to £286m; this followed a fall of £58m in its last quarter results and Trinity expects net debt to fall again over the remainder of the year.

National advertising revenue declined by 9% for the period, although Trinity said that it had maintained its market share.

Regional advertising results are dealt with on an adjusted basis because the company only acquired GMG Regional Media around a year ago. Advertising revenue for the division fell by 10% for the period, with recruitment advertising dropping 22%.

However, other revenue for the division, including leaflets, contract printing for publishers and contract printing for football clubs, increased by 18%.