The publisher of the Daily Mirror reported a 75% slump in annual profits today as it revealed a £12 million hit from the launch of rival The Sun on Sunday and more than £1 million in costs from the Leveson inquiry.

The owner of the Daily Mail and Mail on Sunday delivered a 10% rise in annual profits today, but said advertising revenues had slipped back into the red at its national newspaper titles.

The owner of the Daily Mail today agreed the sale of its local newspaper arm in a deal that will create a new force in regional publishing with more than 100 titles.