Revenue at Rupert Murdoch’s News UK declined -19% in the 12 months ending 30 June 2017 – which parent company News Corp has largely attributed to political uncertainty following Brexit.
Over the last year, revenue for the publisher of the Sun, Times and Sunday Times decreased from £994 million to £805 million – a drop of £189.4 million.
Advertising revenues decreased £88.5 million, while circulation and subscription revenues decreased £86.2 million.
However, while falling circulations – primarily at the Sun – resulted in a £25.6 million drop, the loss was largely offset by rising cover prices at the Sun and The Times, which generated an extra £24.8 million.
News Corp said the UK’s decision to leave the EU last June had “adversely affected” the company’s results.
“Exchange rates between the U.S. dollar and the British pound sterling are expected to remain volatile due to recent political uncertainty in the U.K. and the negotiation of its exit from the European Union,” News Corp said.
“While the impact of Brexit is difficult to predict, it could significantly affect the fiscal, monetary and regulatory landscape, lead other member countries to consider leaving the European Union, result in additional volatility and disruption in the financial and other markets and have an adverse impact on the Company’s businesses in the U.K. and elsewhere.”
Overall revenue at News Corp declined -2% year-on-year from $8.29 billion (£6.4 billion) in 2016 to $8.14 billion (£6.3 billion) in 2017.
