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Facebook reported turnover of £842m in the UK in 2016, up 300 per cent on the previous year, new financial figures show.
Accounts filed with Companies House for Facebook UK, covering the year to the end of 31 December, revealed the UK subsidiary made £58m in operating profit.
The increase in turnover comes because Facebook decided to account for more of its UK sales inside the UK. Much more smaller client ad sales are still believed to be processed via Ireland, so do not appear in the UK accounts.
Facebook paid £5.1m in corporation tax in the UK over the 12-month period.
Press Gazette’s Duopoly campaign warns that Facebook and Google now take most of the £10bn a year spent on digital advertising in the UK, and around 80 per cent of the growth. The concern is their dominance will push news publishers out of business.
Professor of journalism and media pundit Roy Greenslade used his final blog for IPSO to today express his support for Press Gazette’s Duopoly campaign.
He said said: “What is crystal clear is that the future of journalism depends on publishers securing a guaranteed form of income.
“And the best hope lies in recouping money from the two major Silicon Valley giants, Google and Facebook, which use newspaper journalistic content while attracting a huge share of available advertising.”
A report by OC&C Strategy Consultants warns that Facebook and Google will take 71 per cent of all the money spent in the UK on digital advertising by 2020.
Greenslade said: “It is vital that Google and Facebook are persuaded of the benefits of sharing some of their profits with established news providers. That’s why I support the Press Gazette’s Duopoly campaign.”
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Digital News Editor, Iliffe Media
Editor & Spokesperson (Personal Finance Expert), Finder
Well this opt out organ donation law is nothing but a money making racket. Organ donation is a £Multibillion industry and now the tax payer is about to benefit from it to, or will they. I will not sign opt out organ donation as it is immoral and wrong to sign out. It is also immoral and wrong to assume my consent if I at no time when alive gave consent. So here is what I will do; assuming that “cellular memory transference” is real, I will kill the recipient of my organs after my death as in the case of Sonny Graham.