The city analysts have now begin to question the robustness of Trinity Mirror and Johnston Press's recovery from the recession and cut 2011 profit forecasts as a result of apprehensions about advertising volatility, declining sales and rising newsprint costs.

Following a dip of more than 6% for Johnston Press on Wednesday, the Trinity Mirror's share price are said to have fallen more than 14% yesterday. The analysts are said to have asked the state about the fragile print advertising market recovery.

The ad revenues are said to have fallen by 1.3% year-on-year in the 17 weeks to the end of October, the Daily Mirror-owner's national newspaper operation found.

Several are said to have pointed out that Daily Mail & General Trust, publisher of the Daily Mail, has recently pleased the market reporting national newspaper revenues up 13% in the three months, to the end of September.

The performance of the national division was reportedly called disappointing by the Trinity Mirror stock. The investment has further said that the prospects did not give them a reason to get excited.

"When combined with greater than expected uncertainty at the revenue level, especially in the high-yielding recruitment category, we feel it prudent to downgrade our 2011 estimates”, said Numis.