Time Out Group, owner of Time Out magazine, has said it expects revenues for the first six months of the year to reach £18.7m, marking a 13 per cent rise year-on-year.
Today’s trading update, which precedes the release of full financial results for the first half of the year in September, is said to be “in line with management expectations”.
The group’s digital arm delivered revenue growth of 25 per cent, with advertising growing by 8 per cent, driven by a 55 per cent rise in revenue from paid-for “Premium Profiles” for businesses.
Print operations, which include flagship weekly title Time Out London with a distribution of 309,262 copies (ABC figures to the end of December 2016), saw revenue fall by 3 per cent.
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Revenues from e-commerce, which includes tickets to live events and exclusive offers, were up by 51 per cent on the same period last year.
Time Out Market is expected to reach year-on-year revenue growth of 59 per cent in the six months to 30 June. The group opened its flagship market in Lisbon, Portugal, in May 2014.
Julio Bruno, chief executive of Time Out Group, said: “Time Out has seen good progress in the key development areas of e-commerce, Premium Profiles and Time Out Market, which in Lisbon continues to deliver an excellent performance demonstrating the strength of the format.
“We are well positioned to drive further growth, transactional traffic and monetisation of our unique content as millions of people rely on Time Out to experience the very best of the world’s greatest cities.”
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