5th Dec 2019 12:52
(Alliance News) - Media and leisure business Time Out Group PLC on Thursday said it expected a modest impact to its earnings before interest, taxes, depreciation, and amortization as a result of the delayed opening of Time Out Market Chicago and Time Out Market Montreal.
Time Out Markets is a concept that curates a city's best food, drink and culture and puts it under one roof.
Time Out Group stated it was "encouraged" by the early trading of the five new sites opened in 2019.
The sites which include Miami, New York, Boston, Montreal and Chicago were launched following the success of the concept originally created in Lisbon, Portugal. A global roll-out of the markets is set to continue with planned launches in 2021 for London, 2020 for Dubai and 2023 for Prague.
Time Out have said despite the impact to earnings, it "remains on track to reach the key milestone of profitability in 2020."
Time Out Group's shares were down 1.4% at 124.75 pence on Thursday in London.
By Ife Taiwo; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Time Out