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FT sells fewer than 6,000 copies a day

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Major media groups have also been quietly building up a presence funding startups in the investment space as their revenues face problems.
Major media groups have also been quietly building up a presence funding startups in the investment space as their revenues face problems. (Photo by Danny E. Martindale/Getty Images)

The Financial Times suffers a sales slump, as pandemic accelerates an already declining readership.

The broadsheet reports a pre-tax loss of £34.5m for 2020, compared with a loss of £4.6m in 2019.

Turnover was also down by more than £25m to £320m, which reflects the £15m increase in staff costs over 2020.

Even their digital growth was slowed by two-thirds from 15pc in 2019 to 5pc during the past year, which contradicts the ongoing assertion that FT’s digital presence was booming.

The FT said that the overall group was profitable at an operating level but gave no further details on 2020 figures.

As pioneers of the digital subscriptions space, this report ends the revenue growth experienced by the group over the past five years.