Last checked at 26 Jul 2016 07:00
Time Out Group plc
("Time Out", the "Company" or the "Group")
Trading Update
Six months to 30 June 2016
Time Out Group plc (AIM: TMO) (the "Group"), a multi-platform media and e-commerce business with a global content distribution network and food and cultural market, is pleased to provide an update on trading for the six months to 30 June 2016.
On admission to trading on AIM in June 2016, the Group raised £90 million, which after fees and debt repayment generated net proceeds of £59 million. These funds will be used to accelerate the Group's growth plans to scale and further monetise its platforms focusing on digital advertising, e-commerce and Time Out Market.
The Board is pleased to report that trading is in line with management expectations for the six months to 30 June 2016.
Time Out Group revenues, including on a proforma basis a full six months of Time Out Market, are expected to show growth of 16% (13% at constant currency) with digital revenue growth of 33% offset by an expected small decline in revenues from print operations of 2%. Within digital revenues, advertising grew by 24%, Premium Profiles by 54% and e-commerce by 49% compared to the prior year.
Time Out Market ("TOM") has shown strong year-on-year revenue growth of 106% (94% in local currency) in the six months to 30 June 2016.
As part of the admission process, the Group acquired for shares Time Out Market Limited, the holding company of the Time Out Market in Lisbon. The interim financial statements will therefore include the results of Time Out Market Limited for the 17 days to 30 June 2016.
The Group expects to report its maiden interim results for the six months to 30 June 2016 on Tuesday 27 September 2016.
Julio Bruno, CEO of Time Out Group plc, stated:
"Time Out has traded well through the first six months of 2016 with good growth in our key development areas of digital, e-commerce and Premium Profiles. Time Out Market in Lisbon has also had an excellent start to the year demonstrating the potential of the format, which we plan to replicate in other great cities. The recent IPO supports the next chapter of our development, providing funding for investment in the Group's digital, e-commerce and Market businesses."
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 |
Liberum Capital Limited (Nominated Advisor and Broker) | Tel: +44 (0) 203 100 2222 |
Steve Pearce / Steven Tredget / Jill Li | |
FTI Consulting LLP | Tel: +44 (0) 203 727 1000 |
Edward Bridges / Stephanie Ellis / Emma Appleton |
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, style, travel and entertainment. Time Out, listed on AIM and headquartered in the United Kingdom, has a presence in 107 cities and 39 countries with a monthly global digital audience reach of 111 million.