Operating profits at regional publisher Archant fell 32% last year.
The owner of the Eastern Daily Press and regional magazines including Angel and Shropshire Life said in a preliminary statement to shareholders that operating profit fell to £15.1m last year while turnover fell 19% to £142m.
Its statement did not report pre-tax profits.
But the company said operating profit doubled in the second half of the year, due to cuts and "some signs of improvement" in trading conditions.
Chairman Richard Jewson said:
"2009 was a most challenging year with significant declines in all advertising categories. The new management team proved well up to the task, taking swift and decisive steps to reduce the cost base and launching a number of new business initiatives."
Its AGM takes place on 20 April at the Assembly House in Norwich.
The company employs 1,850 people and publishes four daily newspapers, 60 weekly papers, about 80 magazines and more than 180 websites.
