Local World’s adjusted profit before tax was £43.6m in 2014, up from £38.9m, according to the regional publisher’s annual report.

Daily Mail and General Trust and Trinity Mirror, which own 59 per cent of Local World shares, earned more than £25m between them from this profit.

In the year to December 2014, total turnover was £221m, down 4 per cent from £231m in 2013, the results show.