The Financial Times reported a profit in 2021 after a loss in 2020 due to COVID, and saw a strong increase in revenue as well, reports Charlotte Tobitt of Press Gazette.
Tobitt reports, “Financial Times Ltd accounts filed with the UK’s Companies House show it went from a loss before tax of £29m in 2020 to a pre-tax profit of £4.3m in the year ending 31 December 2021. Revenue for FT Ltd grew by 16% to £370m.
“The FT Ltd filing said: ‘The main drivers in the increase in profitability were the strong rebound from the Covid-19 pandemic that had adversely impacted key revenue streams including print circulation, print advertising and live events in 2020, and additionally the recognition of further deferred tax assets in respect of losses carried forward for future utilisation.’
“However the FT Ltd accounts filed in the UK do not show consolidated earnings for the FT’s global business. The FT is wholly owned by private Japanese firm Nikkei, which does not publish any global FT financial figures.”
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