GB News suffers another major blow with its total losses now peaking at £100million despite doubling its revenue after another successful year.

Despite its revenue more than doubling and its audience continuing to soar, GB News has reported another significant loss.

The TV channel, which boasts well-known presenters such as Reform UK leader Nigel Farage, recorded a pre-tax loss of £33.4million in May 2024, as reported by City AM.

This follows a pre-tax loss of £42.4million in the previous 12 months. According to newly-filed accounts with Companies House, the channel’s revenue over the same period more than doubled from £6.6million to £15.7million.

Adverising generated a revenue of £8.8million for GB News, up from £4.2million, while its digital sales rose from £2.1million to £5.7million. Sponsorship revenue grew from £127,963 to £429,895, but radio revenue was cut from £131, 166 to £51, 243.

Barb figures suggest that GB News averaged 3.1million monthly viewers in the year, up from 2.7million, while its average linear share increased from 0.45 percent to 0.69 percent.

GB News has suffered another devastating blow (Image: GB News)

Across its owned and operated website and apps, GB News secured 17.9million unique views, up from 17.3million, and 72.9million page views, up from 51.9million.

On Facebook and YouTube, its reach rose from a staggering 37.8million to 48million while its subscribers across all main social media platforms also increased from 2.5million to 3.9million.

A statement signed off by the board read: “With television audiences share up 53 percent and radio audience share up 61 percent year on year, audiences across linear platforms again grew strongly in the last year.

“To drive this growth, the management continued to evolve the company’s programming line-up and adapted to the inevitable challenges faced by the group as it takes market share in a well-established market.

“The company’s digital operation also continued its strong growth trajectory, where both the company’s owned and operated sites as well as social media remain robust. Page views on the group’s website and app increased by 41 percent compared to May last year”.

He went on: “Whilst reach on Facebook and YouTube grew by 27 percent with aggregate subscribers across all the major social media platforms increasing by [around] 1.4million to 3.9million.

“This encouraging usage data is highly supportive of the company’s stated ambition of becoming the UK’s largest news channel by 2028.”

On its future, GB News said: “Looking ahead, the company is focused on audience growth and a continuing commitment to high quality, independent journalism for all communities within the United Kingdom.

“The directors are confident about the future outlook for the company. GB News started broadcasting in 2021 and is owned by All Perspectives Ltd, a holding company backed by the hedge fund millionaire Sir Paul Marshall and investment firm Legatum as well as other backers.

As of the end of its financial year the total investment All Perspectives Ltd had provided to GB News had increased from £83.8million to £117.9million. Sir Paul acquired The Spectator in September 2024 for £100million.

Earlier this month, City AM disclosed how the publication fell into the red for the first time in over a decade followng its initial sale to RedbirdIMI.