05-03-2024, 05:13 PM
GB News has reported a £42.4m annual operating loss (for its financial year ending 05/23), an increase of 38% over the previous year's loss of £30.7m.
Revenues have grown considerably to £6.7m (up 80% YoY), but spending has also risen significantly, such that the cost of sales is now more than six times higher than the revenues generated.
This is actually an improvement -- during the previous FY, losses were ten times greater than revenue.
GBN still believes it will achieve its "stated ambition of becoming the UK's largest news channel by 2028", based on "encouraging" increases in usage of the GBN website and app, and user engagement across its social media presence.
Further details here: pressgazette.co.uk
You can view the full accounts filing at Companies House here: find-and-update.company-information.service.gov.uk
Revenues have grown considerably to £6.7m (up 80% YoY), but spending has also risen significantly, such that the cost of sales is now more than six times higher than the revenues generated.
This is actually an improvement -- during the previous FY, losses were ten times greater than revenue.
GBN still believes it will achieve its "stated ambition of becoming the UK's largest news channel by 2028", based on "encouraging" increases in usage of the GBN website and app, and user engagement across its social media presence.
Further details here: pressgazette.co.uk
You can view the full accounts filing at Companies House here: find-and-update.company-information.service.gov.uk