GB News was hampered by internal disputes and an advertisement boycott that saw it lose over 30m its first year of broadcasting.
The accounts for GB News Limited showed that the company suffered a loss of 30.7m on revenues of PS3.6m.
These figures show that the channel, which was started by Andrew Neil, a broadcasting veteran, faces a challenge in reaching profitability. It seeks to compete against Sky News and the BBC, and to fend off a challenger from Rupert Murdoch’s TalkTV.
GB News was launched in June 2021, but it was delayed by technical problems and a long break for Mr Neil, the star presenter. This caused a conflict over the channel’s direction. After hiring several big-name presenters, including Nigel Farage, it has seen a rise in ratings.
Its revenue came mainly from PS3m advertising, followed closely by digital and sponsorship income. 3.2m of its PS3.6m sales were generated in the UK.
It was offset by 12.7m in wages, and other costs for its 175 employees. It lost PS28.7m on an Ebitda basis which is a measure of operational performance.
GB News was awarded a PS60m cash injection from Sir Paul Marshall , a British investor, and Dubai’s Legatum Group in August. This deal saw the sale of stakes by Andrew Cole and Mark Schneider, co-founders of Discovery.
The broadcaster cited an increase in audience numbers and a list prominent hires as reasons for its success. Since its inception, it has signed up presenters such as Michael Portillo or Eamonn Holmes.
According to it, figures suggest that GB News Radio’s radio station was the most popular in the country. According to the company, its TV channel reached an average of 2.3m people per month in the year ended May 31.
The company stated that the audience on radio, television and digital platforms has grown steadily since launch. Management addressed and adapted to the inevitable problems faced by the Group in a market where it was a start up challenger. New talent was also added to the presenters’ roster.
Ofcom stated last week that GB News host Mark Steyn had violated broadcasting rules when he claimed a link between Covid-19 and higher death rates. Since then, Mr Steyn has left the channel.