The owner of the Daily Mail is to make cutbacks of £100 million in an attempt to offset sliding advertising revenues and increasing costs.

Daily Mail & General Trust (DMGT), which has so far cut 400 posts as part of its plans, instigated the move as its underlying pre-tax profits fell nine per cent to £262 million in the year to September 28.

Although national titles under the Associated Newspapers banner put in a “commendable” performance, its Northcliffe regional business has been hit hard with a slump in property and recruitment revenues, which fell by 28 per cent last month.