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(Alliance News) - Time Out Group PLC on Tuesday said it has finally returned to its pre-pandemic trajectory, after narrowing its pretax loss over the financial year and swinging to profit on adjusted earnings.
For the twelve months ended June 30, the global media and hospitality business reported a pretax loss of GBP19.6 million, substantially narrowed from GBP70.5 million a year prior.
Revenue increased by 62% to GBP72.9 million from GBP44.9 million, while earnings before interest, tax, depreciation and amortisation swung to a profit of GBP1.2 million from a loss of GBP17.6 million the year prior.
Time Out attributed this change in fortunes to its ongoing recovery from the effects of the pandemic, noting the benefit of eased restrictions as international travel resumed and its audience "once again began enjoying their cities".
Market performance helped to drive the increase in revenue, with the company's globally distributed, editorially curated, food and cultural markets open more consistently over the year.
The markets are located in key cities worldwide, and are designed to bring a city's best chefs, restaurateurs and unique cultural experiences together under one roof, the firm explained.
Time Out's post-pandemic recovery has continued in the new financial year, with revenue growth meeting management expectations in the first quarter.
"We are pleased to have reached a turning point for the group in delivering positive group adjusted Ebitda, despite the impact of the pandemic during the financial year. This marks a return to our pre-pandemic trajectory and demonstrates that we are now in an even stronger position for future growth," said Chief Executive Officer Chris Ohlund.
Taking into consideration a "weaker" economic outlook in the short term, the group said it remained "cautiously optimistic" of its ability to deliver profitable growth in the year ahead.
"Interest from landlords in our Markets proposition has never been stronger as they seek to drive footfall to increase the value of their property," added Ohlund.
"We are in advanced negotiations with real estate developers around the globe who wish to make Time Out Market the anchor of their properties as they consider our concept to be the world's leading food and cultural market."
Time Out shares were trading 1.3% higher at 40.00 pence each in London on Tuesday afternoon.
By Holly Beveridge; Alliance News reporter
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