Media and hospitality group Time Out gave a positive update to the market today, as it steamed ahead with its international expansion plan.
This morning, the British business which initially started as a magazine, said group adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 151 per cent year-on-year to £6m.
However, the group reported an overall operating loss of £0.1m. That was an improvement on the loss of £6.8m reported for last year.
Two years ago the business announced it would cease publication of its London magazine, and move to a solely online website instead, as a result of the pandemic.
Since then the company has been increasing its digital presence, as well as turning its focus to its hospitality arm, which operates markets across the globe.
The firm has seven openings in the pipeline over the next three years, including in Abu Dhabi and Riyadh, Saudi Arabia.
Time Out Market also recently opened a site in Cape Town, Africa.
It currently has no London market, after a six-year dispute over planning permission led the firm to pull out of a potential spot in the Spitalfield market
Chris Ohlund, chief of Time Out Group plc, said: “We are making continuing progress in delivering our growth plan. Our trusted brand and ‘best of the city’ content continues to attract more traffic to our media and more footfall to our markets as we expand our global presence.
“By leveraging the growing synergies between media and markets, we keep our brand and proposition fresh, unique and suited to customer preferences alongside increasing our profitability.”
He added: “On behalf of the board I would like to thank everyone at Time Out for their continued commitment and hard work, resulting in the delivery of these strong results.”