Company that has agreed to buy the Observer reports a pre-tax loss of £3.8m for 2023 after shedding some roles
Tortoise Media, which has agreed to buy the Observer newspaper, has reported a smaller annual loss after reducing spending and cutting some staff.
The podcast, newsletters and live events company reported a loss before tax of £3.8m for 2023, down from the previous year’s loss of £4.6m. Turnover fell slightly to £6m, down from £6.2m, amid “consumer and corporate hesitancy”, according to accounts filed with Companies House.
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