CITY AM registers first profitable year

CITY AM registered its first profitable year in 2010 with a pre-tax profit of £439,047.

In CITY AM‘s full-year figures announced today, the company secured a profit of £439,047 from a loss of £771,426 in 2009.

Revenues for the full-year amounted to £7.8 million – a significant increase of 39% compared to 2009 – while operating profit was £727,481 – a swing of £1.3 million compared to a loss of £531,633 in 2009.

Costs rose by 15% partly as a result of increased investments in editorial and distribution. This enabled the newspaper to shift 20,000 copies from Central London out to commuter hubs in Surrey, Kent and North London.

A YouGov survey shows that CITY AM now attracts the most affluent readership of any newspaper in the country. The readership survey of 10,008 respondents across the UK shows that CITY AM‘s readers have an average annual income of £66,000 compared to an average of £44,000 for the five national quality titles.

CITY AM CEO Jens Torpe said: “Since launching in 2005, it was our ambition to expand the readership to the business community across all of London. We are delighted to be able to announce strong financial results which give us the opportunity to continue investing in the newspaper to deliver the best possible product to both readers and advertisers.”