Belfast Telegraph

Time Out cheers ‘substantial progress’ despite losses widening

The publisher and food market firm reported pre-tax losses widening to £26.3 million in 2017 against losses of £18.8 million the previous year.

Time Out has fallen deeper into the red after hefty investment in its digital business, but hailed “substantial progress” as online and food market revenues surged.

The publisher and food market firm reported pre-tax losses widening to £26.3 million in 2017 against losses of £18.8 million the previous year.

Revenues rose 19% to £44.4 million, boosted by a 15% surge in Time Out Digital and a 62% jump in its burgeoning food market arm.

Millions of customers now book theatre tickets, attractions and hotels with us, buy exclusive offers and experience one of our Live Events worldwide and Time Out Market. Julio Bruno, Time Out chief executive

The group also said it had secured the site for a new food market in New York as it continues to expand the popular food market offering.

It has signed a lease in the Empire Stores in Brooklyn’s Dumbo neighbourhood, with plans to open the new market in the fourth quarter.

The group’s full-year results showed investment in attracting new customers paid off, with its average global monthly audience hitting 217 million – up 39%.

Julio Bruno, chief executive of Time Out, cheered further signs that its transformation into a transaction-based group were working.

He said: “Millions of customers now book theatre tickets, attractions and hotels with us, buy exclusive offers and experience one of our Live Events worldwide and Time Out Market.

“I am excited about the year ahead as we continue to capitalise on the substantial progress made to date.”

Time Out, which launched 50 years ago as an event guide in London, now covers 108 cities worldwide.

Its food market business is one of its key growth areas, having become highly successful in Lisbon and is now expanding to the US and elsewhere internationally.

As well as the New York site, Time Out is also planning to open new markets in Miami in the fourth quarter, Chicago and Boston in 2019 and is appealing against a decision to refuse it planning permission for a market in Spitalfields, London.

Analysts at Liberum said: “The prospects of a move into profit 2019 look increasingly encouraging.

“The major brand digital leverage opportunity remains substantial and the global markets concept looks increasingly valuable.”

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