The impact of the Leveson proposals on the media and strategies to transform the business were among the themes raised at the annual meeting of EDP and Evening News publisher Archant today.

Speaking to an audience of 120 at the John Innes Conference Centre, near Norwich, chairman Richard Jewson said: 'Archant faces a time of considerable challenge, in common with the regional media generally, as it continues to transform its business model. But its board remains confident in the ability of the business to adapt to the continuously changing environ-ment in which it operates.'

Chief executive Adrian Jeakings said continuing economic uncertainty, with talk of a possible triple-dip recession, meant the business 'cannot count' on the economy to help out.

'Underlying trading has not got any easier in 2013, but we are seeing the benefit of our investments, particularly in digital where first quarter revenue was nearly 22pc higher than last year and local display advertising where we have growth in many areas, and we continue to out-perform our peer companies,' he said. 'As you would expect, costs and cash remain closely managed and I am delighted to report that at the end of the first quarter operating profit was on budget and significantly ahead of last year.'

Talking about the Leveson Inquiry into the culture, practice and ethics of the press, Mr Jeakings, who is also the current president of the Newspaper Society which represents the entire regional press, said: 'Leveson completely exonerated the regional press from malpractice and recommended that the government should actively support a strong and independent local press. Unfortunately the government's promises to help the regional press have so far been empty and there are no concrete signs of any change.'

Group finance director Brian McCarthy also addressed a complex dispute with HMRC over possible payment of corporation tax and interest dating back to 2003. The company decided to suspend payment of its final dividend, and future dividends, until the outcome of the tax dispute is known.