The Edinburgh-based publisher owns The Scotsman and more than 200 other titles across Britain.Read more
Johnston Press - the publisher of the 'i' newspaper and many regional titles - has reported a near 10% drop in annual revenues to £201.6m amid "challenging" conditions.
Pre-tax losses narrowed to £95m in 2017 compared with £300.7m the year before.
The publisher said: "We expect to see continued pressure on revenues, and the requirement for cost savings."
Total advertising revenues - covering print, digital and classified- fell by 18.3% to £100.3m. Print advertising excluding classified sank 20.1% to £49m.
However, the 'i' newspaper brought some good news, with circulation revenue up 20% and advertising 27% higher in the second half of the year.