Newsquest (Herald & Times) has reported a 26 per cent rise in profits for its most recent financial year.

Accounts being filed at Companies House by the company, the publisher of The Herald, show flat turnover of £53.75 million for the 52 weeks to December 28, 2014.

However pre-tax profits increased from £9.2m to £11.6m helped by a reduction in operating expenses from £35.4m to £33.3m.

The business said it had benefited from the interest generated by the independence referendum and the Commonwealth Games in Glasgow.

Along with its newspaper assets, which also include the Evening Times and Sunday Herald, the accounts cover the operations of the company’s print plant, its s1 business and a magazines division which publishes titles including The Scottish Farmer.

Managing Director Tim Blott said: “The Commonwealth Games in Glasgow and the Scottish Referendum helped to drive readership and revenue in 2014, although turnover remained flat to 2013.

“Our internet audiences and revenue continue to grow as we try to offset the decline in print circulation. Our profits increased through careful management of our costs."

On the current financial year Mr Blott said: “2015 is proving more challenging particularly over the summer when a number of Scots, who stayed home last year, went abroad on holiday. I am grateful to our hard-working staff and managers who continue to produce high-quality publications and websites.”