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The independent weekday financial newspaper has survived Associated’s London Lite and News International’s thelondonpaper (both of which closed last year) and proved there is a market for a dogged, ad-funded free publication.

Alongside Mike Soutar’s ShorLlist Media, City AM is the standout independent to weather the depressed print market during the downturn.

The paper lost around £650,000 in 2009, but is reportedly on track to be around 45% up year on year, to report profits of up to £1m.

Lawson Muncaster, managing director of City AM, said: "If you had asked the question five years ago, 'which one of the capital’s free newspapers is most likely not to be with us in five years' time?', we would have been the one they would have pointed to.

"I’m very proud of what we’ve achieved. I think it goes to show if you get the right editorial product, you’ll get the right reader and, in turn, you’ll get the right money from the right advertiser. I think that can apply across all media."

Muncaster added there were no plans to launch the product in other UK cities in the near future, preferring instead to focus on developing City AM as a product in London.

He added: "I hope circulation will hit 150,000 by the end of 2011 within the M25."

The managing director was also relatively bullish about the prospects of life in the capital, despite the economic uncertainty.

He said: "I don’t think you’ll see a double dip in London, but at a UK level, the hold on Government spend might have a serious impact outside the M25."