Wednesday, 6 October 2010

Second inaugural profit at City AM?

"London financial freesheet City AM has gone into the black for the first time, reporting pre-tax profits of £423,000 in the first six months of this year. The first-half performance of City AM, which was founded by Jens Torpe in September 2005, marks a significant improvement over the £419,000 pre-tax loss the company reported in the same period last year. 'After 18 difficult months for all media we are now back on the growth rate we had before the financial crisis,' said Torpe. 'We are confident we can maintain this positive trend'." Guardian, October 6, 2010.

"CityAM, the London financial free-sheet, made its first profit in the six months to March, raising expectations of an eventual sale of the title. The company behind the weekday earned £47,000 in the period before interest and tax on advertising revenues of £3.5m. Jens Torpe, the City AM publisher, said that he hoped to expand and improve profits before considering a sale. 'We're hoping to progress further,' he said. 'On the figures we think we can achieve, we will be much more valuable in the next two to three years'." - The Times, June 10, 2008.

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