Media group Time Out announces revenue decline due to ongoing tourism limitations, but is “optimistic” for post-pandemic growth as it appoints a new chief operating officer, Chris Ohlund.
Results for the 18 months ending 30 June 2021 showed that gross revenue declined to £44.9m (2019: £77.1m) and net revenue to £37.8m (2019: £63.3m) due to the forced closure of Time Out markets.
However, there was a gross margin increase of seven percent to 80 per cent from 2019, despite the group’s gross profit decline of 35 per cent to £30.2m, reflecting the company’s higher digital revenue mix.
The global media group’s audience decreased by only 7 per cent to a monthly average of 64.5m, despite the limited print offerings and global leisure restrictions since early 2020.
As well as this, Time Out’s statement also revealed that it was able to maintain a monthly average of 36m social followers, demonstrating “the relevance and continued appeal of Time Out’s editorially curated content.”
With all seven of the Time Out Market sites now open, the group express confidence in the growing level of footfall and are hoping for a return to pre-Covid trading levels in the months ahead.
Commenting on the results, Julio Bruno, current CEO of Time Out, stated that whilst the challenges the company faced are well-documented, “the adaptation and support of our audience, staff and shareholders have enabled Time Out to develop and grow its offering despite this environment.”
Indeed, it pivoted Time Out to “Time In” during the worst months of lockdown, which proved to be an effective move. Bruno said, “we are emerging from the impact of the pandemic with higher margins, new advertising clients and more Time Out Markets.”
The statement also highlighted that the incoming chief operating officer, Chris Ohlund, has accepted the position.
On this, Peter Dubens, Chairman of Time Out, said: “He [Ohlund] brings to the role significant experience in digital consumer and media companies, with a track record of achieving growth, innovation and exceptional shareholder returns.”