Shares in the world's largest publisher of journals rose as much as 17 percent to 48 pence on Tuesday.

Like other publishers, Edinburgh-based Johnston has been slashing operating costs to offset falling advertising revenue, which has followed readers to online platforms.

The 190-year-old company's revenue fell 6.8 percent to 242.3 million pounds in the 52 weeks ended Jan. 2.

Annual revenue for Johnston has declined at an average rate of 8 percent in the past five years. The publisher cut its workforce by an average 12.2 percent a year during the period.

Chief Executive Ashley Highfield has also been pushing to increase the share of digital services in total revenue since joining four years ago.

The company has been focusing on particular geographies and betting on its new national advertising network, 1XL, to return to revenue growth.

Johnston, which agreed to buy Britain's "i" newspaper in January, has been shedding non-core assets to help reduce debt.

The company said in January it would look at selling some assets and that it had identified "a number of brands" that are not part of its long-term future.

However, Highfield on Tuesday declined to name any of the assets identified for sale.

Operating costs declined 19.6 million pounds to 191.7 million pounds in the 52-week period.

Highfield said the company is aiming to reduce operating expenses by 15-16 million pounds in 2016.

The company's adjusted profit before tax rose to 31.5 million pounds for the 52 weeks, from 25.7 million pounds a year earlier.

Up to Monday's close, Johnston's shares had risen 15 percent since the company said in January that it would sell some assets.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Gopakumar Warrier and Sriraj Kalluvila)

By Vidya L Nathan