29th Oct 2021 14:53
Time Out Group PLC - London-based media and leisure company - Says Chief Executive Julio Bruno to step down from post "to pursue other business interests". Executive Vice Chair Chris Ohlund take over CEO role with immediate effect, in line with the company's succession planning. In addition, company posts latest batch of annual results, though period covers 18 months to June 30, compared to comparative which was 2019's calendar year. Company changed year-end date in November of last year. In 18 months to June 30, gross revenue declines 42% to GBP44.9 million from GBP77.1 million achieved in 2019. Net revenue, which does not include concessionaire share, drops 40% to GBP30.2 million from GBP63.3 million. Time Out's loss widens to GBP71.1 million from GBP20.5 million. More encouragingly, Time Out takes heart from current trading.
It says: "The board is encouraged by the current trading and prospects of the group. All seven of the Time Out Market sites are open and despite the lack of city tourism and social distancing restrictions, the growing level of footfall has underlined the strength of the proposition and as a result we remain optimistic about the return to pre-Covid trading levels in the months ahead. We are particularly encouraged by the growing pipeline of potential new Time Out Market management agreements and the recurring earnings stream they offer, without the need for further capital expenditure."
Current stock price: 55.00 pence, down 3.5% on Friday
Year-to-date change: up 53%
By Eric Cunha; [email protected]
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