In a year where the dire straits of local news journalism have dominated headlines and industry chatter, the sector’s financial reports are detailing just how serious things are.

Postmedia closed out its Q4 and the year ending August 31 with a report revealing the impact declining ad revenues and circ numbers have had on its bottom line.

For the quarter, the company’s revenue was down 13.5% year-over-year to $101.3 million, with ad revenue down $12.5 million (21%) and circ revenue down $7.2 million (17.3%). The company’s parcel business was up $3 million in the quarter.

The whole-year picture showed a shower rate of decrease overall, with revenue down 2% to $448.5 million. Of that, ad revenue was down $28 million (11.3%) and circ was down $19 million (11.4%). Parcel revenue for the year was $27 million.

Andrew MacLeod, Postmedia’s president and CEO, said in a statement accompanying the report that with “the vast majority of digital revenue flowing to foreign platforms, Canada’s domestic media sector remains under immense pressure,” but that “never has the need for trusted journalism been more urgently required and never has our resolve been more committed to delivering it for Canadians.”

For fiscal 2024, the company’s focus will be on digital advertising, digital subscriptions and parcel delivery. The company will continue to focus on operating efficiencies, such as vendor and expense management.