The Financial Times posted a profit in its first results under new owners Japan's Nikkei

 
Alys Key
Follow Alys
Publisher Pearsons To Sell Financial Times Newspaper
Nikkei bought the Financial Times for £844m in 2015 (Source: Getty)

The Financial Times newspaper group posted a small profit for 2016 following its takeover by Japan's Nikkei.

In the first year of accounts filed since the £844m takeover, the primary operating company Financial Times Limited, revealed pre-tax profit of £6.6m, down from more than £350m the year before.

However, the decline was largely due to a one-off gain in 2015 of £475m from the sale of a 50 per cent stake in The Economist.

The results also do not include some of the FT's global business operations as well as companies such as Money-Media, Medley Global Advisors, GIS Planning and joint ventures.

Revenue grew to £310m, and sales were up nine per cent while the cost of sales remained relatively flat.

Earlier this year, the newspaper revealed that print now made up less than half of its revenue.

Circulation grew eight per cent in 2016 to more than 846,000, compared to 780,000 in 2015. But digital readership grew faster, powered by growth in mobile access, as half of the 647,000 online readers used handheld devices to visit the site.

Looking to the year ahead, the company said it was expecting to benefit from "continued growth in digital and subscription revenues", but it recognised that volatility in the print advertising market posed a risk. Meanwhile the FT’s live events arm grew 11 per cent.

Read more: Financial Times to move back to its former City headquarters

Related articles