Time Out Group has announced an operating loss of £17.9m for 2016 on revenue up 25 per cent to £35.7m
These are the company’s first results since it listed on the AIM in 2016 raising £59m after the repayment of debt. It is currently said to have £47.5m in the bank.
The operating loss figure is a slight improvement on the 2015 deficit of £18.5m.
Oakley Capital has controlled Time Out since 2011 and has consolidated its ownership of the various publications using the Time Out brand around the world.
In the UK Time Out has revived the flagship weekly London what’s on title by going free in 2012, boosting circulation to around 300,000.
Globally, the publishing business model is based on a Tripadvisor-style approach – mixing leisure reviews and recommendations with an e-commerce platform. Unlike Tripadvisor, Time Out reviews are underpinned by professionally-written content.
In October Time Out Group announced plans to open a food market in London in addition to its market in Lisbon, Portugal.
It today claimed that digital revenue was up 39 per cent. The monthly audience was said to total 156m across all platforms in 2016, up 45 per cent year on year.
Julio Bruno, chief executive of Time Out Group, said: “2016 has been a year of significant events for Time Out Group.
“We listed on the stock market in June to take this iconic brand to the next stage of its development, accelerating its growth and consolidating the lines of business.
“At Time Out, we like to say that we are in the ‘happiness business’. We inspire and enable people to discover, book and share what the world’s cities have to offer.
“As the trusted companion of both locals and visitors, we influence hundreds of millions of travel and entertainment spend around the globe.
“But just as importantly, our curated, high-quality content creates a valuable brand-appropriate environment for our online advertising and e-commerce partners.
“We have beaten revenue expectations but we are just at the beginning of our quest to transact with our large, global audience.”