BuzzFeed UK’s profits quadrupled to nearly £560,000 ($687,000) last year after a period of major investment.
BuzzFeed UK has filed abbreviated earnings at Companies House for the 12 months to the end of December 2015. They reveal the website’s profit grew from £140,772 ($172,000) in 2o14 to £558,408 ($677,000) last year.
The earnings do not provide any insight on BuzzFeed’s revenue, but because it is classified as a small company under UK law, they will be below £6.5 million ($8 million).
What it does show, however, is the scale of BuzzFeed’s investment in its British operations last year. The company’s assets, including cash in the bank, were £7.99 million ($9.8 million) last year — more than four times higher than in 2014, when this figure stood £1.9 million ($2.3 million).
Its liabilities have also increased. The amount of money it owes others, known as creditors, has grown 466% to £9.96 million ($12.3 million) year-on-year. Net liabilities stood at £1.97 million ($2.4 million) last year, compared with £111,828 ($137,000) in 2014.
BuzzFeed invested heavily in the UK last year. It hired high-profile journalists, including editor-in-chief Janine Gibson from The Guardian, and moved into an office on Argyll Street, near Oxford Circus in London.
Elsewhere, there was an update on BuzzFeed UK’s subsidiaries. France, Brazil, and Japan all made low six-figure losses (see image), while Germany turned a profit of just over £20,000 ($24,000).
BuzzFeed announced this week that it is further investing in its UK website. The company is making a “major” investment in two branded content studios in London. These will become the production hub for video outside of the US.