Time Out reported turnover of £15m and an operating loss of £7.3m in its first half year results as a listed company.
The magazine and website publisher, which is currently expanding into food markets, floated on the AIM in London on 14 June raising net proceeds of £59m.
It publishes free weekly ‘what’s on’ magazine Time Out in London, as well as Time Out websites and magazines around the world.
It divides the group now into two divisions:
- Time Out Digital – “a multi-platform media and e-commerce business with a global content distribution network comprising magazines, online, mobile apps, mobile web, international licencing agreements and Live Events”
- And Time Out Market which “leverages the Time Out brand to bring together under one roof a city’s best restaurants, bars, shops and cultural experiences based on editorial curation”.
The group’s websites were said to reach 16.2m monthly unique visitors around the world in the first half of this year (compared with 15.1m a year earlier).
It reported income from digital advertising up 24 per cent to £4.1m and e-commerce income up 49 per cent to £2m. Print advertising fell 2 per cent to £7.2m in the period.
It said it has seen strong growth in the US, but a more challenging picture in the UK were programmatic trading of advertising is said to have increased.
Time Out’s e-commerce platform (currently available in London, Paris, New York, Chicago and Los Angeles), allows website users to complete a booking or transaction across a range of categories including theatre, hotels, music, and event tickets, restaurant table reservations and attractions.
Time Out Market is described as “a physical, curated platform which brings together a city’s best restaurants, food shops, and culture under one roof”.
It already has a Time Out market up and running in Lisbon, with more planned in London, Porto, New York and Miami.
Chief executive Julio Bruno: “We opened an exciting new chapter for Time Out when we became a listed company in June and presented an ambitious growth strategy for this iconic brand. In the first six months of 2016 we traded well and in line with our expectations, delivering material revenue increases across key growth areas.
“We made strong progress against our strategy as we increasingly monetise our audience, develop e-commerce and provide unique advertising opportunities to businesses.”