20 June 2024
Time Out Group plc
("Time Out,"
the "Company"
or the "Group")
Trading Update
Strong Q4 trading with the Group now
expected to deliver FY24 EBITDA ahead of
expectations
Time Out Group plc (AIM: TMO), the
global media and hospitality business, today announces a trading
update for the year-ended 30th June 2024.
The Group has delivered improving
sales growth rates, with both Media and Market sales accelerating
during the final quarter of the financial year. The strength of the sales performance has been accompanied by
disciplined management of costs and, accordingly, the Group expects
EBITDA for FY24 to be ahead of current market expectations.
HIGHLIGHTS
· Continued strategic and operational progress across the whole
business reflected in strong trading momentum.
· Successful opening of Time Out Porto in May, bringing the open
portfolio to eight locations, with a further eight new Markets in
development and opening over the next 36 months. Barcelona opens in
July, with a further four openings in the following 12 months:
Bahrain, Osaka, Vancouver and Budapest.
· Global
monthly brand audience has grown by 5% to 142m with a focus on
social media video content driving the growth; TikTok and Instagram
combined audience +100% year on year.
· Increasing synergies between Media and Markets, including
successful bespoke client campaigns spanning both digital channels
and live events in the Markets.
· Following continued strong cost control coupled with higher
sales, the Group now expects EBITDA for FY24 to be ahead of market
expectations (consensus being £6.7m EBITDA pre IFRS16, £11.7m post
IFRS16).
The Group intends to publish its
Audited Full Year Results in Autumn 2024.
Commenting on the update, Chris Ohlund, CEO of Time Out Group
plc, said:
"We are pleased with our recent trading performance and are
increasingly confident that this momentum will continue as we
approach the new financial year. Our growth plan and strategic
decisions are delivering results; our strong brand and curated
'best of the city' content continues to attract more traffic to our
digital Media and more footfall to our Markets, alongside our
pipeline of openings.
"We will continue to focus on
expanding our content depth and breadth, whilst growing our bespoke
creative campaign solutions for advertisers, who will be able to
address both our digital audience and our "in-real-life" audience
in Time Out Markets. We believe that both Media and Markets
offer significant synergistic benefits that deliver a unique and
untapped positioning in the B2C advertising
industry.
"I
would like to thank everyone at Time Out for their continued
commitment, professionalism and hard work as we look to the future
with confidence."
The information contained within
this announcement is deemed by the Group to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018.
For
further information, please contact:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steven Tredget, Investor Relations
Director
|
|
|
|
|
Liberum (Nominated Adviser and Broker)
|
|
Andrew Godber / Edward Thomas /
Joshua Borlant
|
|
|
|
|
|
|
|
Edward Bridges / Fiona
Walker
|
|
About Time Out Group
Time Out Group is a global brand
that inspires and enables people to experience the best of the
city. Time Out launched in London in 1968 to help people discover
the best of the city - today it is the only global brand dedicated
to city life. Expert journalists curate and create content about
the best things to Do, See and Eat across 333 cities in 59
countries and across a unique multi-platform model spanning both
digital and physical channels. Time Out Market is the world's first
editorially curated food and cultural market, bringing a city's
best chefs, restaurateurs and unique cultural experiences together
under one roof. The portfolio includes open Markets in eight cities
such as Lisbon, New York and Dubai, several new locations with
expected opening dates in 2024 and beyond, in addition to a
pipeline of further locations in advanced discussions. Time Out
Group PLC, listed on AIM, is headquartered in London
(UK).
FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements", which
include all statements other than statements of historical facts,
including, without limitation, any statements preceded by, followed
by or that include the words "targets", "believes", "expects",
"aims", "intends", "will", "may", "anticipates", "would", "could"
or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Group's
control that could cause the actual results, performance or
achievements of the Group to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking, including, among others, the achievement of
anticipated levels of profitability, growth, the impact of
competitive pricing, volatility in stock markets or in the price of
the Group's shares, financial risk management and the impact of
general business and global economic conditions. Such
forward-looking statements are based on numerous assumptions
regarding the Group's present and future business strategies and
the environment in which the Group will operate in the future. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. These
forward-looking statements speak only as at the date as of which
they are made, and each of Time Out Group Plc and the Group
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements
contained herein to reflect any change in Time Out Group Plc's or
the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based. Neither the Group, nor any of its agents, employees or
advisors intends or has any duty or obligation to supplement,
amend, update or revise any of the forward-looking statements
contained in this document.
