Time Out Group plc (AIM: TMO), the global media and e-commerce business with food & cultural markets, today announces an update on trading for the full year to 31 December 2016.
The Board is pleased to announce that trading has been positive in the second half of the financial year, with Group revenue accelerating on the levels shown in the first half. As a result, revenue for the full year is anticipated to be ahead of the Board’s expectations. Group losses for the period are in line with the Board’s expectations with closing net cash expected to be better than previously anticipated.
Time Out Group revenue, including a full year of Time Out Market on a proforma basis, is expected to show growth for the year of 23% (17% at constant currency). The second half of the year has seen faster Group proforma revenue growth at 29% versus 16% in the first half.
Time Out Digital (“TOD”) delivered digital revenue growth for the year of 39% (44% in the second half of the year versus 33% in the first half). Within digital revenue for the year, advertising grew by 36%, Premium Profiles by 51% and e-commerce by 45% year-on-year.
Time Out Market (“TOM”) has also shown strong year-on-year revenue growth of 110% (85% in constant currency) for the full year. With 3.1 million visitors, Time Out Market Lisbon hit a record level in 2016 (1.3 million in the first half of the year).
The Group expects to report its maiden annual results for 2016 on Tuesday 28 March 2017.
Julio Bruno, CEO of Time Out Group plc, stated:
“We have delivered a strong performance in 2016 in terms of the operational and strategic development of all lines of our business. I am pleased that we have been able to deliver revenue ahead of expectations in our first year as a listed company.
I’m encouraged by the growth we’ve seen in particular across key areas like digital advertising and e-commerce as well as Time Out Market. Time Out Market in Lisbon has been visited by 3.1 million people in 2016, that’s a growth of 63% compared to 1.9 million visitors in 2015. It’s now arguably the most popular attraction in the city. We’re very proud of this achievement and it’s a proof of the format which we plan to bring to other cities, such as London and Miami amongst others.
We continue on our journey to be the leading global media and entertainment business that inspires people to connect with cities through content, curation and experiences.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014.