Local World has reported a turnover of £239.6m and an operating profit of £18.5m for its first-year financial results.

Adjusted profits for the regional publisher, founded in January 2013, stood at £38.9m for the year, meaning that shareholders Daily Mail and General Trust (DMGT) and Trinity Mirror yielded a combined profit of nearly £23m.

DMGT owns 38.73 per cent of shares, meaning its slice of the £38.9m adjusted profit was £15m, and Trinity Mirror owns 19.98 per cent, meaning a profit of £7.8m.