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(Alliance News) - Time Out Group PLC on Wednesday reported a widened annual loss amid higher costs.
The London-based media and hospitality firm said pretax loss in the financial year that ended on June 30 was GBP25.0 million, widened by 28% from GBP19.5 million a year prior.
Revenue rose 43% to GBP104.6 million from GBP73.9 million.
However, administrative expenses increased 35% to GBP79.4 million from GBP58.7 million, while a concession Time Out pays for its revenue increased by 64% to GBP28.7 million from GBP17.5 million. Financial costs came in 44% higher, at GBP7.7 million versus GBP5.3 million.
Looking ahead, Time Out said financial 2023 provided it with "the foundations for continued growth" as it eyes building a valuable long term recurring earnings stream.
The company anticipates nine management deals, each with a term of at least 10 years, to generate a contracted minimum combined contribution to earnings before interest, tax, depreciation and amortisation of GBP14 million per year once all agreements are operational. At the moment, two agreements are open and seven are contracted.
"We expect the step-change in media performance to continue as demand from blue-chip brands for our unique campaign solutions grows," the firm said.
Time Out shares rose 4.3% to 48.50 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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