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Regional newspaper publisher Johnston Press warned its advertising markets are set to remain 'challenging' this year.

News of the cautious outlook took a toll on the share price, down 14.5p, or 8% at 173.8 pence as the company reported a 6% fall in full-year profits.

Johnston, whose 300-plus titles include the Yorkshire Post and the Scotsman, said pre-tax profit for the year to 31 December fell to £137.4 million excluding one-off items.

That decline was on revenue up nearly 1% to £607.5 million, slightly ahead of the average analysts' forecast of £605.4 million.

'In the early weeks of 2008, print advertising revenues were down on the same period in 2007 and have been volatile week to week,' chairman Roger Parry said in a statement.