Last checked at 25 Jul 2017 07:00
25 July 2017
Time Out Group plc
("Time Out", the "Company" or the "Group")
Trading Update
Six months to 30 June 2017
Time Out Group plc (AIM: TMO), the global media and entertainment business with food and cultural markets, today announces its trading update for the six months to 30 June 2017.
The Board is pleased to report that trading is in line with management expectations for the first six months of the financial year.
Time Out Group revenue is expected to increase by 13% year on year to c.£18.7million compared to the first half of 2016 on a proforma1 basis.
Time Out Digital delivered digital revenue growth of 25%, whilst there was, as expected, a small decline in revenue from print operations of 3%. Within digital revenue, advertising grew by 8%, Premium Profiles by 55% and e-commerce by 51% compared to the prior year. Time Out Market has shown strong year-on-year revenue growth of 59% in the six months to 30 June 2017.
The Group expects to report its interim results for the six months to 30 June 2017 on Tuesday 26 September 2017.
Julio Bruno, CEO of Time Out Group plc, stated:
"Time Out has seen good progress in the key development areas of e-commerce, Premium Profiles and Time Out Market which in Lisbon continues to deliver an excellent performance demonstrating the strength of the format. We are well positioned to drive further growth, transactional traffic and monetisation of our unique content as millions of people rely on Time Out to experience the very best of the world's greatest cities."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014.
For further information, please contact: | |
Time Out Group plc | Tel: +44 (0)207 813 3000 |
Julio Bruno, CEO | |
Richard Boult, CFO | |
Steven Tredget, Investor Relations Director | |
Liberum Capital Limited (Nominated Adviser and Broker) | Tel: +44 (0)203 100 2222 |
Steve Pearce / Jill Li | |
FTI Consulting LLP | Tel: +44 (0)203 727 1000 |
Edward Bridges / Stephanie Ellis / Emma Appleton / Frances Elworthy |
Notes to editors
About Time Out Group plc
Time Out Group is the leading global media and entertainment business with a content distribution network comprising digital, mobile, apps, social media and print and a physical presence via Live Events and Time Out Market. Using these platforms and its well-established global brand, Time Out seeks to inspire and enable people to make the most of a city, through curated content around food, drink, music, theatre, art, style, travel and entertainment. Time Out, listed on AIM and headquartered in the United Kingdom, is present in 108 cities and 39 countries and has a global monthly audience reach of 156 million.
(1) Time Out Market was acquired by the Group on 13 June 2016. All Group figures quoted in this announcement include, on a profoma basis, 6 months of trading of Time Out Market