Belfast Telegraph

Time Out boosts revenues but takes digital investment hit

The publisher and food market firm said half-year revenues rose 13% to £18.7 million, as digital revenue climbed 25% to £8.5 million.

Time Out has served up rising revenues, but deepened its losses after the media group upped its investment in the digital business.

The publisher and food market firm said half-year revenues rose 13% to £18.7 million, as digital revenue climbed 25% to £8.5 million.

However, operating losses at the group were £15.6 million for the six months ending in June – compared to £7.3 million last year – as it restructured Time Out Digital to manage advertising globally.

Photo of a Time Out magazine

It said the firm’s earnings loss also widened by £4.6 million to £9.4 million over the period.

Despite the hit, chief executive Julio Bruno said the business was still on track to reach full-year targets.

He said: “We have seen good progress across Time Out Group’s two business divisions and its key strategic areas during the period.

Picture of Time Out boss Julio Bruno

“Time Out Digital continues to deliver significant revenue growth, driven by e-commerce and premium profiles (business listings) and was the focus of on-going investment.

“Time Out Market’s success continues with its first market in Lisbon generating £2.6 million of revenue in the first half, proving the strength of the format.”

Time Out, which operates in 108 cities, continued to bolster its global reach during the period, rolling out the Time Out Porto website and launching magazines in Philadelphia, San Francisco and Austin.

It said print revenues slipped 3% to £7 million over the period, with its global audience reach climbing to 242.3 million for the half year, up from 136.6 million in 2016.

Time Out Digital revenues rose 8% to £16.1 million, with digital advertising picking up by 8% to £4.4 million.

Focusing on the market business, the group secured a 66% rise in total tenant revenue at its Lisbon food market, which notched up a record 1.7 million visitors for the half year.

The group plans to launch a second market in Miami next year and said it would appeal against a decision to refuse it planning permission for a market in Spitalfields, London.

It said the Time Out market in Porto was slated to open in the second half of 2018, while it was also looking to launch in a second US city.

Mr Bruno added: “As in previous years, revenue will be weighted to the second half and our operating leverage, combined with the global realignment of Time Out Digital and the continued success of Time Out Market, is expected to substantially improve our operating margin.”

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