28th Mar 2019 09:34
LONDON (Alliance News) - Time Out Group PLC said Thursday its annual loss shallowed as cost pressure subsided and revenue rose amid continued progress in its established publishing activities and new food-market business.
In 2018, pretax loss improved to GBP15.2 million from GBP26.3 million the year prior. This was after revenue rose 9.9% to GBP48.8 million from GBP44.4 million the year before.
Profit performance was helped by a 15% fall in cost of sales to GBP16.7 million from GBP19.7 million, boosting gross profit. Administrative costs also fell 12% to GBP43.5 million from GBP49.3 million the year before.
"I am pleased to report that Time Out has achieved a number of key milestones in the last twelve months," Time Out Chief Executive Officer Julio Bruno said. "Our Media business materially grew its digital advertising revenue, in a challenging market, and its focus on the most profitable activities drove a significant improvement in the economics of the division."
In 2018, Time Out published its entertainment listings content in 315 cities. This was 207 cities more than in 2017.
The firm is also continuing to roll-out its Time Out Market dining halls across a number of countries.
"As part of the roll out of the Time Out Market format, four new locations have been announced, including two management agreements, bringing the total number of contracted sites to ten," Bruno said.
"In light of the progress made in 2018, we are confident in the outlook for the group in the year ahead," Bruno continued. "2019 will be a transformative year as Time Out opens its doors to five new markets in Miami, New York, Boston, Chicago and Montreal."
Most importantly, whether on our print, digital or physical platforms, we will continue to focus on curating the best of the city, helping our global audience go out better," Bruno concluded.
Shares in Time Out were 3.2% lower at 88.08 pence on Thursday.
Related Shares:
Time Out