The Financial Times looks set to return to a significant profit for the first time since 2001 this year.
The interim results of parent company Pearson reveal that the FT made a profit of £5 million in the first half of 2006 – compared with a loss of £2 million over the same period last year.
Turnover was up 10 per cent to £119 million.
In 2005 the FT made £2 million profit on turnover of £221 million. It made a loss of £9 million in 2004, lost £32 million in 2003 and lost £23 million in 2002.
The FT reported advertising revenue up 11 per cent and a 20 per cent rise in financial, luxury goods and online advertising – which is now said to make up more than 80 per cent of all advertising revenue.
The FT’s average circulation for the first six months was 447,000, up five per cent year-on-year, and FT.com subscribers were said to have risen 11 per cent to 86,000.
The FT is currently seeking to further boost profit margins by cutting some 50 editorial jobs, about 10 per cent of the total editorial staff headcount.