The company, which publishes four daily regional papers and about 60 weekly titles, along with a range of specialist magazine titles, recorded a post-tax loss of £200,000. This was due in part to £2m worth of restructuring costs incurred during the 26-week period to 27 June 2009.

Operating profit at the group reached £5m, although this was still down 61% from £13m in the same period last year. Turnover for the period declined by 24%, by £23m to £71m.

Newspaper and printing turnover also fell 25% to £49m, with all areas of advertising being hit – recruitment advertising dropping almost 50%.

Total magazine turnover decreased by 22% to just under £22m, but advertising revenue in the sector was still hugely affected with a 49% drop in property ads.

Chairman Richard Jewson said: "In the annual report I expressed extreme caution about the economic outlook for 2009 and beyond. This concern was fully warranted and the first half has been a very difficult period of trading for the group and the consumer media industry as a whole.

"Management have responded strongly in the extraordinary market conditions by focussing on innovative ways of stimulating new and existing revenue streams, reducing costs and preserving cash, while seeking new ways to develop our digital businesses."