Global, the expansive media group behind major UK radio brands like LBC, Capital, and Heart, has recorded a substantial pre-tax loss of £140 million for its latest financial year. This significant deficit comes even as the company's total revenue advanced closer to the £1 billion milestone.
Mounting Losses Amid Growing Revenue
The London-based business, which also operates Smooth, Radio X, and Classic FM, saw its losses deepen from the £120.3 million recorded in the previous 12 months. This latest result extends a prolonged period of losses before tax, with the group having shed approximately £820 million since it last turned an annual pre-tax profit. That last profitable year was to 31 March 2018, when it made £25.1 million.
Despite the financial shortfall, Global's commercial performance showed resilience. Newly filed accounts at Companies House reveal that group revenue increased from £858.1 million to £898 million. This growth was primarily driven by its outdoor advertising division, where sales jumped from £425.9 million to £467 million. In contrast, revenue from its core audio business, which includes its radio stations, experienced a slight dip from £432.2 million to £430.9 million.
Regional Performance and Strategic Outlook
A geographical breakdown of the figures shows a strong performance in its home market. Revenue in the UK grew from £699.2 million to £728.5 million. The company also expanded its European operations, with revenue there rising from £114.8 million to £129.9 million. However, its North American business contracted, with revenue falling from £44 million to £39.5 million.
In a statement approved by the board, the company founded by Ashley Tabor-King in 2007 struck an optimistic note. "The group is well positioned for further growth within both our key operations of audio and outdoor, with continued strong commercial and operating performance and ongoing investment," it said.
Presenter Wealth in the Spotlight
The financial update for Global follows separate reports concerning the wealth of one of its star presenters. It was revealed in December that Jordan North became a millionaire after taking over as host of Capital's breakfast show in April 2024. North, who succeeded Roman Kemp and co-hosts with Siân Welby and Chris Stark, saw his production company's accounts swell following the high-profile move from his previous role at BBC Radio One.
