U.K. regional newspaper group Johnston Press has returned to profit making £26.1 million in the first half of the year, compared to a £94.2 million loss for the same period in 2009.

Advertising revenues are set to continue to fall but at such an improved rate that you can almost hear the relief in the voice of CEO John Fry.  “As we move into the second half of the year,” observed Fry, “we have seen the improving trend in advertising revenues continue with total advertising in the first six weeks on a like-for-like basis only down 3.7 percent.”

This compares to a low point of 32.7 percent declines over the half year in the middle of last year’s recession.

The real bright spot of the announcements, however, is not the general trend in advertising but rather the performance of property classifieds. Despite falling job and car adverts the company’s figures show that property classifieds in the regional papers rose by an average 12.6 percent for the first half of this year.