But its third quarter figures still showed a 33% decrease in UK advertising revenue at its regional titles, according to its interim management statement.

Turnover in the period to 30 June was down 13% on the same quarter last year, to £520m, while net debt dropped £85m to £1.1bn.

The company has taken a number of cost-cutting measures in the last 12 months, including the closure of printing plants in Bristol and Leicester .

DMGT said that newspaper subsidiary Associated Newspapers was "benefiting from significantly lower costs", although total revenue fell by 12% to £206m and circulation revenue was down 7%.

The publisher also hinted at the start of a recovery in national newspaper readership, with the Daily Mail’s year-on-year performance in June down just 1%. According to DMGT this was due to the success of the direct marketing campaign to recruit more long-term loyal purchasers.

Regional newspaper subsidiary Northcliffe Media recorded a turnover drop of 27% to £79m.

Martin Morgan, chief executive, said that the results were in line with the board's expectations.

He said: "Since we last reported in May, trading conditions have remained weak. The decisive action taken to defend profitability earlier in the year, along with the continued management of our cost base, is helping to offset the impact of these conditions. The revenue and cost initiatives targeted to improve profitability this year by £150m have been delivered.

"Our strategy of creating a diversified international portfolio of market-leading businesses in both business and consumer markets is proving to be effective in the current environment and leaves us well positioned to deliver long-term growth."