Last checked at 5 Dec 2019 07:00
5 December 2019
Time Out Group plc
("Time Out" or the "Company")
Capital Markets Event and Trading Update
Time Out Group plc (AIM: TMO), the global media and leisure business, is hosting a site visit to Time Out Market Lisbon for the sell side this week, providing insights into operational execution, the consumer experience, the build and scale up of the first Time Out Market as well as an overview of the concept's international roll out. No new material information will be delivered during the event and a presentation will subsequently be made available on the Group's investor relations website.
The Company is encouraged by the early trading of the five sites opened in 2019. New Markets in Miami, New York, Boston, Montréal and Chicago, have replicated - with a strong local focus - the concept first launched in Lisbon, which is now Portugal's most popular attraction with c. 4 million visitors a year. In combination, the six Time Out Markets offer food from 120 of the world's best chefs, occupy 185,000 square feet and accommodate almost 4,000 seats. The global roll-out is set to continue with planned launches in Dubai (2020), London (2021) and Prague (2023).
In light of the delayed opening of Time Out Market Chicago and Time Out Market Montréal, combined with additional Market investment, there will be a modest impact to full year EBITDA. The Group however remains on track to reach the key milestone of profitability in 2020.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
-ENDS-
For further information, please contact: | |
Time Out Group plc | Tel: +44 (0)207 813 3000 |
Julio Bruno, CEO | |
Adam Silver, CFO | |
Steven Tredget, Investor Relations Director | |
Liberum (Nominated Adviser and Broker) | Tel: +44 (0)203 100 2222 |
Clayton Bush / Andrew Godber / Edward Thomas | |
FTI Consulting LLP | Tel: +44 (0)203 727 1000 |
Edward Bridges / Stephanie Ellis |
Notes to editors
About Time Out Group plc
Time Out Group is a global media and leisure business that helps people explore and experience the best of the city through its two divisions - Time Out Media and Time Out Market. Time Out launched in London in 1968 with a magazine to help people discover the exciting new urban cultures that had started up all over the city. Today, the Group's digital and physical presence comprises websites, mobile, magazines, live events and Time Out Market. Across these platforms Time Out distributes its curated content - written by professional journalists - around the best food, drink, culture, entertainment and travel across 327 cities in 58 countries. Time Out Market is a food and cultural market which brings the best of the city under one roof: its best chefs, drinks and cultural experiences - based on editorial curation. The first Time Out Market opened in Lisbon in 2014 and Miami, New York, Boston, Montreal and Chicago followed in 2019 with a further pipeline in other global locations. Time Out Group, listed on AIM, is headquartered in the United Kingdom.