The FT scooped the award for being "uncompromising in its core mission" to give readers a service that is "poised, informed, classy and intelligent", all while increasing its circulation and raising its price.
Its six-month average daily circulation is up 0.69% year on year, according to the latest ABC figures, despite its cover price increasing from £1 to £1.50 over recent months.
News International's The Sun was another big victor last night, winning four awards.
The paper landed Campaign of the Year and The Cudlipp Award for its "Help for heroes" campaign, which raises funds for the forces' rehab centre in Surrey.
Defence editor Tom Newton-Dunn won two prizes, Reporter of the Year and Scoop of the Year, for his story on Lance Corporal Matty Hull, who was killed by friendly fire from a US plane in Iraq, and the subsequent cover-up.