Time Out narrows losses as it opens more markets
Time Out told shareholders it expects to open seven more markets by the end of the 2027 financial year.
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Time Out Group has sharply cut its losses for the past year following a turnaround plan.
The group said profitability has been boosted by a global expansion strategy, which has seen the business open more street food markets.
Shares in the media and leisure business climbed higher in early trading as a result.
It came despite the company reporting a 1% fall in reported revenues to £103.1 million for the year to June 30 as it was knocked by currency exchange rates.
Like-for-like revenues were up 7% for the year, driven by an 11% increase in its media business while market revenues were up 4%.
During the year, the group continued to expand its markets business with openings in Cape Town last November and Porto in May this year.
It opened a further market in Barcelona in July and said it is on track with expansion plans for further sites.
Time Out told shareholders it expects to open seven more markets by the end of the 2027 financial year, including locations in Bahrain, Osaka and Vancouver.
Last week, the group also confirmed it is in negotiations about a new potential site in London, after previous plans to build a market in Spitalfields were scrapped last year.
On Wednesday, the business also reported a pre-tax loss of £8.5 million for the year, down two-thirds from the £25 million loss it posted a year earlier.
Chris Ohlund, chief executive of Time Out Group, said: “Time Out continues to be trusted and relevant as we inspire and enable millions of people every month to experience the best of the city.
“Our turnaround programme has transformed the EBITDA (earnings before interest, tax, depreciation and amortisation) profitability of the group.
“We are now focused on executing our growth strategy.
“On behalf of the board, I would like to thank all of the Time Out team for delivering this result.”
Shares in the business were up 7.7% at 49p on Wednesday morning.