Global, the media giant which owns commercial radio stations such as Capital, Heart and LBC, has now lost almost £700m since it last reported a pre-tax profit.

The London-headquartered empire, which also includes Smooth, Radio X and Classic FM, fell to a pre-tax loss of £120.3m in the year to 31 March, 2024, newly-filed accounts with Companies House show.

The total comes after Global also lost £101.1m in the prior 12 months.

The latest figure means that the group has lost in the region of £680m before tax since it last made a pre-tax profit – £25.1m in the year to 31 March, 2018.

However, the new accounts also show that Global’s revenue increased from £806.1m to £858.1m over the same period.

Global generated £432.2m in audio revenue in the year, up from £426.1m, while its outdoor adverting sales jumped from £379.9m to £425.9m.

In the UK, its sales rose from £673m to £699.2m and from £88.6m to £114.8m in Europe. Its revenue in North America dipped slightly from £44.4m to £44m.