Financial Times attracts one million paid readers

Newspaper hit milestone a year ahead of schedule.

The Financial Times has hit one million paid readers – an all-time high for the newspaper.

The title said it has reached the milestone a year ahead of schedule and the target has been achieved with a "strong business performance, with both operating profits and revenues growing last year".

In a note shared with staff on Friday, the FT Group reported £383m in operating revenues and £25m in operating profit. The positive numbers follow last year's vote of no confidence in chief executive John Ridding by journalists at the newspaper.

The FT introduced its paywall in 2002 and was acquired by Nikkei in 2015.

This spells good news for the newspaper industry, with The Guardian on track to break even this year.

Ridding said: "We have reached this record by developing a winning strategy, shared and supported by our owners Nikkei, who themselves now count more than 650,000 digital subscribers.

"By pioneering a subscription model and investing in digital transformation, we have proved that quality journalism can be a quality, growth business. We have also shown the enduring value of independent, authoritative and reliable reporting and analysis in a time of fake news, sensationalism and polarisation in media."

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