Newsstand revenues fell from £60.8m to £53.8m, with digital revenues higher than print’s for the second year running.

Guardian Media Group chief executive David Pemsel said: “GNM has been transformed in the past three years into a more reader-funded, more digital and more international business.”

Jack Bhatt, of Universal Newsagent in Highbury, north London, told betterRetailing his Guardian sales have fallen dramatically due to readers moving online.

“Two years ago I would sell 35 copies a day but now that has declined to only 27,” he said.

“People are all reading the paper online and it is only the over-50s reading in print. The Guardian is also completely free online and all the articles are available.”

Based on extrapolation of data by betterRetailing, Bhatt’s Guardian profit has fallen from £15.40 per day to £13.07. This translates to a £626 loss in profit per year, based on Monday to Friday sales.

This translates to a £36,761 loss in profit per year, based on Monday-to-Friday sales.