Time Out apparently likes to think of itself as being in the “happiness business”. The company was certainly happy with its 2016 performance, but investors seemed less convinced, with shares dipping this morning as the media company reported its audited full-year results.
Group revenue came in at £37.1m, up 23 per cent from £30.2m, or 17 per cent on a constant-currency basis.
Time Out said revenue growth in the second half of the year was 29 per cent, compared with 16 per cent in the first half.
In terms of adjusted earnings before interest, taxation, depreciation and amortisation (Ebitda), the company recorded a loss of £10.6m, but this was down from £13.1m in 2015.
Time Out’s shares dipped 1.5 per cent on Tuesday morning to 134p.
Still best known for its magazine, founded nearly 50 years ago in London, Time Out has expanded into various areas in recent years.
Time Out has signed conditional leases, subject to planning permission, to open further markets in London and Miami. It is also on the look-out for other locations.
Chief executive Julio Bruno said:
At Time Out, we like to say that we are in the ‘happiness business’. We inspire and enable people to discover, book and share what the world’s cities have to offer. As the trusted companion of both locals and visitors, we influence hundreds of millions of travel and entertainment spend around the globe. But just as importantly, our curated, high-quality content creates a valuable brand-appropriate environment for our online advertising and e-commerce partners.
We have beaten revenue expectations but we are just at the beginning of our quest to transact with our large, global audience.