The coverage of business and finance has proved a staple for workers in London’s business community.
The executive duo of Lawson Muncaster and Jens Torpe preside over the paper and have steered it through a period that saw publishing heavyweights News International and Associated Newspapers forced to close free titles.
City AM reported a pre-tax profit of £423,000 in the six months to June 2010, compared to a £419,000 loss the year before. It is expected to hit a profit of anywhere up to £1m for the year.
Revenue for the period was £3.85m, up from £2.82m the year before. However, it said its reduction in revenue was offset by a larger reduction of costs.
The company said its performance has been bolstered by a "significant increase" of 39% in advertising from the beginning of 2010. The ad uplift was made up from finance and consumer brand advertising.
Torpe, commenting on the results, said: "After 18 difficult months for all media we are now back on the growth rate we had before the financial crisis. We are confident we can maintain this positive trend and are therefore increasing the circulation this autumn by adding some 30-40 new stations in the commuter belt."
The turn to profit could reignite the paper's stalled ambition to launch in other cities across the UK.
City AM currently distributes around 100,000 copies a day but is looking to bolster its circulation towards the 150,000 mark by increasing distribution at more stations.
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