Newspaper publisher Johnston Press (LON:JPR) is trading down 3.2 percent this morning after publishing its half yearly results.

The company saw revenue fall by over 4 percent to £128.9 million, due to a fall in advertising revenue. Total advertising sales fell by 5.1% to £80.6 million, although digital advertising grew 17.5% year-on-year to £16.5 million.

Johnston Press Chief Executive Ashley Highfield said the company is potentially looking to consolidate its resources, according to the Telegraph.

“Our lawyers have looked at a number of different combinations as a desk exercise and you could get it done. You might have to sell one or two things but for the most part there is not much overlap.”

The company had warned that it would struggle to hit targets for full and half yearly profits, and have cut costs by £7.2 million to offset revenue declines.

Scotland-based Johnston Press runs over 200 local titles across the UK, including the Yorkshire Post and Belfast News.