Time Out Revenue Rises As It Appoints New CFO And Opens New York Venue

28th Mar 2018 11:32

LONDON (Alliance News) - Listings-guide publisher Time Out Group PLC said Wednesday its 2017 revenue grew strongly, as it appointed a new finance head and prepares to open a new rooftop market in New York.

In 2017, pretax loss widened to GBP26.3 million from GBP18.8 million the year prior. This was despite revenue rising 19% to GBP44.4 million from GBP35.7 million the year before.

Time Out, which is behind the popular magazine and website, ended the year with GBP28.8 million in cash down from GBP50.1 million the year prior.

Profit performance was held back by a rise in administrative expenses to GBP49.3 million from GBP38.9 million the year prior. Revenue was boosted by a combination of 12% "underlying growth" and the "contribution from franchisee acquisitions in Australia and Spain", Time Out explained.

Time Out does not pay a dividend.

"Strong growth in e-commerce and Time Out Market continued in 2017, demonstrating that we are successfully evolving Time Out into a transactional business," Time Out Chief Executive Officer Julio Bruno said. "Millions of customers now book theatre tickets, attractions and hotels with us, buy exclusive offers and experience one of our Live Events worldwide and Time Out Market".

"I am excited about the year ahead as we continue to capitalise on the substantial progress made to date," Bruno added. "Time Out launched 50 years ago to help people explore the best of London and today we are the only true global marketplace for city life, with a presence in 108 fascinating cities worldwide".

"Time Out enters a new financial year in a strong position with further progress anticipated throughout 2018 in both Time Out Digital and in Time Out Market", Bruno concluded.

In separate announcements, Time Out said it had hired Adam Silver as its new chief financial officer from Thursday, replacing Richard Boult. Silver - a chartered accountant - joins Time Out from online takeaway platform Just Eat PLC, where he served as the CFO of its UK business.

"I am delighted Adam is joining Time Out Group as its new CFO," Bruno said. "He brings outstanding financial and commercial experience and great passion to the role; I look forward to working with him as we continue to diversify and grow the business."

"Adam will take over from Richard Boult who joined in 2016 shortly before our successful IPO and played a key role during this crucial time and milestone event for the group," Bruno added. "On behalf of the whole team and the board, I would like to thank Richard for his great contribution and we wish him well in his future endeavours."

Time Out also announced on Wednesday that it had signed a new conditional lease agreement for a Time Out Market venue in New York City. The new venue, Time Out said, will occupy 21,000 square feet over two floors of the Empire Stores in Brooklyn.

"New York has been home to Time Out since 1995, and millions of people - locals and visitors - use our website and read our magazine to make the most of the city," Bruno said. "Now we have a breathtaking location for Time Out Market in New York. It will offer not only the city's best food, drinks and culture, but also one of the city's best views".

"Time Out Market has proven to be a real success story and that is why we have an exciting pipeline for new Time Out Market openings in some of the world's most amazing cities," Bruno added.

The first Time Out Market opened in Lisbon, Portugal in 2014. New sites are set to open in Miami in the final quarter of 2018 with Boston and Chicago to follow in 2019.

Shares in Time Out were 0.4% higher at 130.00 pence on Wednesday.

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