Newsquest (Herald & Times), which publishes The Herald, Evening Times, The National and the Sunday Herald, posted a 4% fall in revenue to £51.7m for the year to 27 December 2015, in what it described as “a challenging environment”.

The Glasgow-based company is part of Newsquest Media Group, which is owned by American publishing giant Gannett.

The group posted a pre-tax profit of £8.7 million as management highlighted its optimism going into 2017.