05 March 2024 , 14:11
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GB News has reported nearly 40% increase in losses as its owners continue to invest millions into the broadcaster.
The company said that its audience figures had grown, particularly online where page views increased more than five times. GB News revealed that its pre-tax loss had risen from £30.7 million in the year to the end of May 2022, to £42.4 million a year later.
Despite almost doubling, the company's revenue was still significantly lower than its losses, reaching £6.7 million. The funding came from the company's owner, All Perspectives Limited, backed by hedge fund millionaire Sir Paul Marshall among others.
Last year, GB News received £41.0 million from the parent company, bringing the total it now owes to £83.8 million. "The company has strong support from its investors and the directors have no reason to believe that the level of these contributions might vary to a significant degree or be recalled before the group has the resources to repay the investment," GB News said in accounts filed to Companies House.
The business reported an average of 295 monthly employees during the year, with wage, social security and pension costs reaching £21.2 million, or around £72,000 per head. The business, which is committed to "promoting diversity and inclusion in the workplace," had employed an average of 175 people a year earlier.
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The company reported that it had an average of 2.7 million viewers per month in the year ending May 2023, a rise of 17.8% from the previous year. Its share of regular TV viewing was 0.45%, up from 0.30% a year earlier, according to Barb Audiences.
On its digital platform, page views increased by 431% to 51.9 million, GB News revealed. The company earned £5.4 million of its revenue from the UK, while £1.3 million came from other parts of the world. Ad revenue jumped 41.4% to £4.2 million, and digital revenue increased about four times to £2.2 million.