According to the update, weekly levels of advertising revenue are said to have stabilised and year-on-year rates of decline are now showing improvements, with advertising revenues 26% lower in July and August, with a continuing improving trend in September, especially in property.
The update says: "As a consequence of the transformation of Northcliffe’s cost base, operating profits during August were ahead of the same period last year, a trend that has continued into September."
For Associated Newspapers, total underlying advertising revenues for the period fell by 16%, with underlying circulation revenues 2% lower. The update says: "Whilst Associated’s total advertising revenues in July and August were down by 21%, September has been better, although trading remains volatile from week to week with little visibility on future advertising performance. Circulation volumes have been more stable in recent months, aided by the success of the Daily Mail direct marketing campaign."