Menzies Distribution has posted a 3.7% fall in half-year turnover as newspaper and magazine sales continue to decline - yet increased its profits.

Turnover for the six months to 30 June was £648.2m, down from £673m last year, but operating profits rose 2.2% to £14m.

Menzies said volume declines in the newspaper market had been offset by 12 titles increasing their cover prices during the period. Sales of monthly magazines were down 4.4% and weekly titles fell 8.4%, but both sectors had been “slightly boosted” by Jubilee-related products, it added.

“Menzies Distribution again produced a stable performance,” said chairman Iain Napier.