Last checked at 24 Jan 2018 07:00
24 January 2018
Time Out Group plc
("Time Out", the "Company" or the "Group")
Trading Update
Twelve months to 31 December 2017
- Time Out delivers strong progress -
Time Out Group plc (AIM: TMO), the global media and entertainment business, today announces its trading update for the twelve months to 31 December 2017.
The Board is pleased to report that revenue and adjusted EBITDA are anticipated to be in line with its expectations for the full year.
Time Out Group revenue is expected to have increased by 19% year-on-year on a proforma1 basis with strong growth across both Time Out Digital and Time Out Market.
Time Out Digital is projected to deliver e-commerce revenue growth of 57%, Premium Profiles revenue growth of 43%, digital advertising revenue growth of 21% and print revenue growth of 1%, compared to the prior year. Overall, Time Out Digital has seen revenue growth of 15%.
Time Out Market is expected to show year-on-year revenue growth of 60% in the period. Time Out Market in Lisbon has continued to perform strongly and has seen over 3.6 million visitors in the full year of 2017, compared to 3.1 million in the prior year.
The Group expects to report its annual results for 2017 on Wednesday 28 March 2018.
Julio Bruno, CEO of Time Out Group plc, stated:
"Time Out Digital continues to make substantial progress in its core areas and in particular e-commerce has seen excellent growth with more transactions across more verticals. Our Time Out Market in Lisbon continues to perform particularly well and we are excited about rolling out this incredibly successful format globally, with plans on track for new markets which have been recently announced in Miami, Boston and Chicago.
"This year we celebrate 50 years since Time Out launched to inspire and enable people to make the most of the city with unique, curated content and it remains as relevant now as when it first started. We couldn't be more proud of where the brand stands today as millions of people globally rely on us to discover and enjoy cities around the world, making Time Out the only true global marketplace for city life."
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 Hall / Frances Bussey |
Notes to editors
About Time Out Group plc
Time Out is a multi-platform media and e-commerce business with a global content distribution network comprising magazines, online, mobile apps, mobile web and 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 experience the best of a city, through curated content around food, drink, music, theatre, art, travel and entertainment. Time Out, listed on AIM and headquartered in the United Kingdom, has a presence in 108 cities and 39 countries with an average monthly global digital audience reach of 242 million.
(1) Time Out Market was acquired by the Group on 13 June 2016. All Group figures quoted in this announcement include, on a proforma basis, 12 months of trading of Time Out Market