Five years after launch, City AM founder says free daily is in the black

Five years after launch, London financial daily City AM has finally moved into profit, founder Jens Torpe has claimed.

And the free daily has said it is increasing distribution from just over 90,000 copies a day to 150,000 by increasing the spread of its railway station distribution points in the London commuter belt.

City AM chief executive Torpe told the Guardian: “At 4pm on 17 August our bookings for this year reached the same amount as for all of 2009. Every booking we started taking from yesterday morning and for the rest of the year is an increase in revenue.”

Expansion plans to other cities in the UK, and internationally, have been shelved – Torpe said.

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