Tortoise Media reports growing losses of £4.6m in first full accounts

The company said the loss represented the costs of investing in the business.

A picture from Tortoise's offices in London showing people gathered for its 2023 audio slate launch, illustrating a story about the company reporting a nearly £5m loss in 2022. — A picture from Tortoise's offices in London showing people gathered for its 2023 audio slate launch. Picture: Press Gazette

“Slow news” outlet Tortoise Media made a £4.6m loss before tax in the year to 31 December 2022, its newly published accounts show.

The figure represents a 45% increase on its losses in 2021 and means cumulated losses from 2019 to 2022 now stand at £16.3m.

In its Companies House filing for 2022 the publisher, which has focused on podcasts and audio for the last two years, said it had been “a year we decided to invest in the business and are confident this will enable us to achieve our goal of profitability”.

Bron Maher

@bron_maher

Bron Maher is Press Gazette's senior reporter, covering US and UK media. He joined Press Gazette in November 2021 from Newsguard, a US start-up that reviews how far news sites adhere to journalistic standards.