Global increased revenue by 14% to £806.1m for the year ended 31 March 2023, according to its latest company filing.
The owner of radio brands such as LBC, Capital, Heart and Smooth, as well as an outdoor estate including the London Underground, reported “a strong commercial and operating performance”, but also said there was “a risk that weakness in the advertising market could put pressure on traditional revenue streams”.
To address this, the filing stated the company “has been developing its relationship with advertisers and agencies to ensure that the value of its brands is fully realised”, including tailored solutions for advertisers, highlighting the breadth of its products and developing new digital opportunities.
The report added that Global was “well-positioned to continue growth” both in audio and outdoor, with further growth through acquisitions and continued investment in its Digital Ad Exchange (Dax) and outdoor estate.
Across its audio and outdoor platforms, Global reached more than 51.7m individuals in the UK every week.
Record revenue in audio
Global reported its audio business had “delivered its highest-ever revenue” of £426.1m, up 2% on the previous year.
This was helped by a “record number of partnership deals” and growth within podcasting, including the launch of The News Agents with Lewis Goodall, Emily Maitlis and Jon Sopel.
The report highlighted 48% growth across its podcasting business.
It also mentioned Q1 2023 Rajar results that found Heart, Capital, LBC and Smooth registered 26.7m weekly listeners and a record 9% audience growth for Global’s radio stations.
Outdoor recovery since pandemic
The latest company filing reported its outdoor business has “seen continued recovery since the pandemic”, with 30% growth in revenue to £380m compared with the prior year.
The company has more than 253,000 sites spanning the London Underground, airports, roadside posters, premium digital screens, buses and more, together reaching 95% of the UK population.
Global noted that it successfully renewed its contract with Gatwick Airport for a further five years and launched 329 “state-of-the-art advertising sites” on the Elizabeth line when it opened in May 2022.
This was the biggest launch of digital assets at one time on the Transport for London network and all sites were available on Dax from October 2022.
Global launched its outdoor business in 2018 following the acquisition of Primesight, Outdoor Plus and Exterion Media.
