The publisher blames uncertainty caused by Brexit for ad slump.

Johnston Press titles including the Scotsman and the Yorkshire Post have reported a £300M pre-tax loss, which they claim is due to a tough advertising market caused by sterling uncertainty in the wake of Brexit.

The publisher reported a £344M non-cash writedown on the value of almost all of its local and regional titles.

This has reduced the value of Johnston Press's publishing titles to £120M, excluding the i which continues to make a profit, and is currently the company's best performer.