The Newsquest-owned Herald and Times group’s profits fell in the last financial year, with “rapid growth” online failing to offset print decline.

The group, which publishes the Herald, the Evening Times, the Sunday Herald and the Scottish Farmer, reports that pre-tax profits were at £9.2m in the year to 29 December, down from £12m the year before.

It said the Commonwealth Games, held in Glasgow, and the independence referendum had provided a “boost” for the current year but pointed to the “difficult conditions in the newspaper market in 2013”.