Global reports losses despite rising audio revenue

Losses at Global continued last year, despite growth across its UK radio and outdoor advertising businesses.

Newly filed accounts show the company recorded a pre tax loss of £120.3m in the year to 31 March 2024, extending a long period without returning to profit, reports City AM.

The result follows a pre tax loss of £101.1m in the previous 12 months, taking total losses to around £680m since the group last reported a pre tax profit of £25.1m in the year to 31 March 2018, based on figures published at Companies House.

Global’s overall revenue increased from £806.1m to £858.1m over the year, with audio revenue rising to £432.2m from £426.1m, reflecting continued demand across its national radio portfolio, which also includes Smooth, Radio X and Classic FM.

Outdoor advertising revenue showed a stronger uplift, climbing from £379.9m to £425.9m, as the sector continued its recovery following the pandemic, supported by increased advertiser activity and digital screen investment.

In the UK, revenue rose from £673m to £699.2m, while European revenues increased from £88.6m to £114.8m. Revenue in North America dipped slightly from £44.4m to £44m over the same period.

Despite the headline losses, operating profit increased from £75.4m to £87.4m, indicating improved performance before financing and exceptional costs are taken into account.

In a statement signed off by the board, the company said that “despite the continuing challenging macroeconomic environment, the audio business continued to deliver results with strong growth across digital ad exchange and partnership deals”.

The board added that the outdoor business had “seen continued recovery since the pandemic”, reporting double digit growth in both revenue and adjusted EBITDA, and said it expects further growth across both audio and outdoor divisions.

Source: City AM