Regional Independent Media, the newspaper publisher behind the Yorkshire Post, yesterday said advertising revenues had begun to pick up again in July after the recent slowdown.

In common with Trinity Mirror, Britain's largest regional newspaper group, RIM said advertising revenues had appeared to reach their nadir during the second quarter of the year.

Advertising revenues across RIM were 12.5% higher in the first three months of the year, slowing to growth of 3.1% in the second quarter. "During July things have come back a little," said chief executive Chris Oakley.

RIM has in recent months cut 60 jobs and the company is looking for further cost savings to offset the slowdown in the advertising market. Any further headcount reduction however would be through "natural wasteage", Mr Oakley said.

The company reported pretax losses for the first half of the year of £645,000, largely because of interest payments of £21m. Operating profits improved from £18.8m to £21.8m on revenues of £88.6m.