The Edinburgh-headquartered group’s latest trading update, released last week, also showed that total group revenues year-on-year were 3.2% down in October versus 9.9% down in the first half of the year.

Contract printing was down by 3.9% in the 17-week period, though up by 2.1% in October, and circulation revenues year-on-year increased by 18.8% in the 17-week period – with October up by 22.5% – versus 2.3% growth in H1.

The group said this reflected strong circulation volumes from the i newspaper, which increased by 4.6% to an average of 290,000 per day in September. The title, which Johnston Press acquired in April, has grown its market share from 18.5% to over 20% of the quality newspaper segment.

Advertising trading conditions remained tough. Combined print and digital advertising revenues, excluding classifieds, fell by 6.8% in the 17-week period, and by 3.5% in October, following a 9.2% drop in H1. Digital advertising revenues, excluding classifieds, fell by 2.8% for the 17-week period but returned to growth of 8.4% in October.

Excluding the i, adjusted like-for-like revenues declined by 16% for the 17-week period and by 14.2% in October, while combined print and digital advertising revenues fell by 11.8% in the 17-week period and by 7.7% in October.

The business said its audience growth remains a priority. Its number of digital unique users grew on average from 20.3 million to 23.1 million per month for September year-on-year.

Johnston Press chief executive Ashley Highfield told PrintWeek: "Having taken quite a sideways hit earlier in the year through Brexit, things certainly seem to be recovering from that. Providing we don't get any further major disruption then I think we are certainly on an upward trajectory.

"Print advertising is certainly getting that little bit better in terms of month-on-month but we don't expect to see a return to growth there. But we do expect to see continued healthy growth in our digital business. Every campaign we sell, on average, has 30% digital component and our objective by the end of next year is to get that to 50%. 

"If half of everything we're selling is digital, and that side of the business is growing, then that way there is a clear path to getting the overall business into growth."

Highfield attributed improved October results to a combination of the bedding-in of the group's own sales training drive, coupled with a recovery in the market – particularly for SMEs – following the EU Referendum.

The group said it would continue to explore opportunities for further divestment going forwards, following its August disposal of the Isle of Man titles. 

It has confirmed it is in late-stage discussions with Iliffe Media surrounding the potential disposal of certain titles that it does not consider part of its long-term future.

In a statement released this morning (14 November) the group said: "A process has been initiated to explore the potential sale of these assets to identified parties.

"This disposal process is ongoing and a further announcement will be made when appropriate. Shareholders are advised that there can be no certainty that the disposal process will lead to any definitive agreements concerning any possible disposals or as to the timing or terms of any such agreements."

The Sunday Times reported yesterday (13 November) that the sale being discussed is for a stable of newspapers in East Anglia, thought to include Newmarket Journal and Suffolk Free Press.

The group also remains focused on cutting costs to mitigate revenue declines and the impact of sterling weakness on paper prices. Highfield said a strong focus on the i will also continue.

"We have got plans to get it into more people's hands because the evidence is that, when we do that, people really like it.

"It's still coming off a relatively low base in terms of customer awareness and trial so we want to get it out there, get the brand more exposure, get people to try it and give people an incentive to start reading it, because that looks like a good route to getting more readers."

Johnston Press’ turnover for the 53 weeks to 2 January 2016 was £245.1m. The group’s shares rose to 14.32p following the announcement before settling down to 13.28p the following day. They went back up to 14.12p this morning following the group's confirmation of the potential disposal of certain titles.