The co-owner of GB News has seen profits at his hedge fund firm drop off a cliff after a downturn in performance.
Newly filed accounts show Sir Paul Marshall’s eponymous firm has suffered a major setback with profits slumping 64 per cent for the year ending February 2024.
After turning over £1.2 billion a year prior, Marshall Wace recorded returns of £769 million in the latest accounting period, resulting in profits of £192 million versus £538 million the year before, which get divided between 26 members.
It was revealed in March that operating losses at GB News grew 38 per cent to £42.4 million in the year to May 2023.
Annual Companies House accounts for GB News Limited show 80 per cent year-on-year growth in revenue to £6.7 million, but also a 63 per cent growth in cost of sales as the broadcaster has continued to expand. In May 2023 GB News had 295 staff versus 175 in May 2022.
The latest figures mean GB News investors have shouldered total losses of £76 million since the channel launched in 2021.
In the financial year to May 2021, as it was preparing to launch, its losses were £3 million.
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