Trinity Mirror is to increase its costs savings target for the year from £15m to £20m after announcing a sharp decline in revenues and profits for the six months to the start of July.

The publishing group, which owns about 200 local newspapers including the Manchester Evening News, Liverpool Echo and Newcastle’s Evening Chronicle, reported a near 21% drop in revenue for the period, from £374m to £320m.

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Adjusted operating profits fell from £69.1m to £62.6m and print advertising revenues declined by almost 18%. Classified advertising declined by 23.5% on a like-for-like basis and circulation by 6.3%.

Digital revenues rose, with like-for-like publishing digital revenue growing by nearly 6% to £41m. Trinity Mirror said it would accelerate its costs savings for the rest of the year, increasing its target to £20m.

Chief executive Simon Fox said: “Whilst the trading environment for print in the first half was volatile, we remain on course to meet expectations for the year. I continue to anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year.”