London’s free financial daily City AM is getting close to break even despite the onset of the credit crunch and economic downturn, its latest accounts show.
The paper which launched four years ago and has a daily free distribution of around 100,000, and made a loss before tax of £363,000 in 2008 compared with a loss of £1,294,000 in pre-credit crunch 2007.
The company said that this brought the total investment/loss to date to £7.4m.
Total turnover for 2008 was up to just under £6m compared with just over £5m in 2007.
The company is said to have assets of £1,261,659 and debts falling due within one year of £2,117,376.
The company said: “In a climate where most printed media started to feel the impact of the credit crisis, City AM’s revenue increased by 19.5 per cent compared to 2007. This growth came as a result of an increase in both consumer and business-to-business advertising.
‘During the last months of 2008 and the start of 2009 the revenue growth decreased as the whole advertising industry was severely affected by the credit crisis. But the underlying growth of City AM mitigated the worst effects of the crisis and for the 12 months to 1 July 2009 revenues were only down two per cent year on year.”