Print Closure Cuts the Evening Standard's Losses, but Revenue Falls 40% and a Going-Concern Warning Stays

Losses before tax at Evening Standard Limited fell to £8.3m in the 15 months to 31 December 2025, from £23.5m in the prior 12 months, the smallest loss in a decade after the closure of the daily print edition in September 2024, though cumulative losses since 2009 now total £157.7m. But the same accounts show revenue down 40% to £14.1m despite the period being three months longer, with advertising now 90% of revenue, up from 80%. Staff costs were cut from £19.3m to £7.5m. The strategic report says the title "will require additional funding in order to continue as a going concern", and net liabilities widened to £3.6m. The digital editorial and ad-sales operation has transferred to Independent Digital News and Media, whose strategic report says the pairing lets it "optimise commercial performance by aligning two iconic British media brands, creating a compelling and differentiated proposition for advertisers".

The crux

The Standard has shrunk its way to a smaller loss but not to sustainability; its future depends on Lebedev's continued funding and on The Independent's ability to sell two print brands' digital inventory as one combined advertising proposition.

Sell-side read

A 90%-advertising revenue mix on falling audience is the exact profile the Apple blocklist and AI-answer shifts now punish; the combined Standard-Independent ad stack is a consolidation play that mid-market UK publishers should read as a template, not an anomaly.

Watch

whether the combined Standard-Independent digital ad operation can lift revenue after the transfer, given the 40% top-line drop it inherits.