(Reuters) - Britain's Johnston Press Plc (L:JPR) said it posted a 23 percent jump in adjusted profit before tax as it continued to cut costs in its efforts to return to growth.
The world's largest journal publisher said adjusted profit before tax rose to 31.5 million pounds for the 52 weeks ended Jan. 2, from 25.7 million pounds a year ago.
Operating costs for the period was 191.7 million pounds, down by 19.6 million pounds, the company, which publishes The Scotsman newspaper, said.
Revenue for the 52 weeks fell 6.8 percent to 242.3 million pounds from a year ago.
The newspaper industry has been hammered in recent years as advertisers have followed readers to online platforms, forcing print publishers such as Trinity Mirror (L:TNI) and Daily Mail and General Trust (L:DMGOa) to cut costs drastically.
Johnston Press has been selling non-core assets and cutting operating costs to reduce its net debt and return to revenue growth.
To that end, the company has agreed to buy Britain's "i" newspaper from its Russian owners Independent Print Ltd in a 24 million pound deal last month. It also identified "a number of brands" to sell in the near future, saying they were not "part of its long-term future".