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Time Out Group PLC on Wednesday reported a widened annual loss amid higher costs. The London-based media and hospitality firm said pretax loss in the financial year that ended on June 30 was £25.0 million, widened by 28% from £19.5 million a year prior. Revenue rose 43% to £104.6 million from £73.9 million. However, administrative expenses increased 35% to £79.4 million from £58.7 million, while a concession Time Out pays for its revenue increased by 64% to £28.7 million from £17.5 million. Financial costs came in 44% higher, at £7.7 million versus £5.3 million. Looking ahead, Time Out said financial 2023 provided it with ‘the foundations for continued growth’ as it eyes building a valuable long term recurring earnings stream. The company anticipates nine management deals, each with a term of at least 10 years, to generate a contracted minimum combined contribution to earnings before interest, tax, depreciation and amortisation of £14 million per year once all agreements are operational. At the moment, two agreements are open and seven are contracted. ‘We expect the step-change in media performance to continue as demand from blue-chip brands for our unique campaign solutions grows,’ the firm said. Time Out shares rose 4.3% to 48.50 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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