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 proforma* 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 ecommerce 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.
Read the full announcement here.
* 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