Trading Update

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."