Time Out Group plc Trading Update (0158V)
January 25 2017 - 2:00AM
UK Regulatory
TIDMTMO TIDMOCL
RNS Number : 0158V
Time Out Group plc
25 January 2017
25 January 2017
Time Out Group plc
("Time Out", the "Company" or the "Group")
Trading Update
Twelve months to 31 December 2016
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.
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 Tel: +44 (0)
Advisor and Broker) 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 108 cities and 39 countries with a monthly global
digital audience reach of 137 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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