A pre-tax profit of £10.9M in the year ending 28th June 2015 has been revealed by Times Newspapers.

Publisher of The Times and The Sunday Times has moved out of the red, to report a pre-tax profit of £10.9M.

This huge profit is in contrast to the £935, 000 loss The Times and The Sunday Times reported the previous year.

This increase in profits is partly thanks to an increase in paid subscribers to The Times and The Sunday Times print and digital packages.

According to Times Newspapers, paying subscribers across print and digital were 311, 000 for The Times and 369, 000 for The Sunday Times.

The Times also increased its cover price from £1 to £1.20 in January 2014, which helped increase profits.

“At The Times our relentless focus on quality journalism and cost management has helped us build a sustainable model for the newspaper. We have revamped sections, reinvested in Scotland and continually put our readers first. Our digital revenues are now significant, which shows that subscription is working.” said John Witherow, editor of The Times.

Editor of The Sunday Times, Martin Ivens, said: “The Sunday Times has broken a number of award-winning scoops, from the FIFA scandal to blood doping in athletics, which reflects the strength of our journalism and the impact we have. We are committed to protecting our future as Britain’s biggest selling Sunday newspaper in the quality market, in all our formats."