Time Out (LSE:TMO) expects to report group revenue of approximately £72 million for the year ended 30 June 2026, slightly below the previous year, while revenue from continuing operations increased 11% to around £61 million as both its Markets and Media businesses delivered growth.
The Media division returned to adjusted EBITDA profitability, supported by stronger sales in the UK and US, improved client retention, new customer wins and measures aimed at increasing cost efficiency.
The performance reflects Time Out’s ongoing shift towards an integrated model combining its global media audience with physical food, culture and entertainment destinations.
Market Portfolio Reaches 13 Locations
Time Out opened three new Markets during the year, in Budapest, New York Union Square and Vancouver, taking its operating portfolio to 13 locations. Collectively, the Markets welcomed around 12 million visitors.
A further six Markets are in development, including a flagship location at Piccadilly Circus in London. The company has also continued expanding through capital-light franchise arrangements, including initiatives in India and Brazil.
This approach allows Time Out to broaden its international footprint while reducing the amount of capital required to operate new locations directly.
Global Media Audience Climbs 31%
Time Out’s global monthly media reach increased 31% to approximately 280 million people, while the number of active registered users rose to 2.5 million.
The Media division is increasingly prioritising higher-value direct relationships with advertisers alongside live experiences, commerce and commercial partnerships. Programmatic advertising now accounts for less than 10% of Media revenue, reducing the business’s reliance on that advertising channel.
Live events and brand activations generated approximately £2.4 million during the year. These activities also allow Time Out to connect digital campaigns with physical experiences at its Markets and other locations, strengthening the relationship between the group’s media and hospitality operations.
Capital-Light Strategy Gains Momentum
Time Out further developed its franchise model by moving its Boston Market and several Media territories to franchise arrangements. The strategy replaces directly generated trading revenue with royalty income while reducing associated operating costs.
The company is also continuing the refinancing process for its senior debt. Combined with the Media division’s return to adjusted EBITDA profitability, this represents progress towards improving financial resilience despite overall group revenue remaining broadly flat year on year.
Oakley Capital Funding Supports London Flagship
To help finance development of the new flagship Time Out Market at Piccadilly Circus, the group increased an existing loan note with shareholder Oakley Capital Limited from £1.1 million to £2.1 million.
The financing constitutes a related-party transaction. Time Out’s independent directors, after consulting with the company’s adviser, determined that the terms were fair and reasonable for shareholders.
The additional funding provides further backing for the London development as Time Out seeks to demonstrate the potential of combining its physical Markets with its international media platform.
Financial Position Remains a Key Constraint
Despite operational progress, Time Out’s wider financial position continues to present challenges. The company has experienced a sharp decline in reported revenue alongside substantially larger losses, renewed cash outflows, increased debt and negative equity.
Technical indicators are also weak, with the shares trading well below key moving averages and momentum measures remaining negative.
Valuation metrics offer limited support while the business remains unprofitable, resulting in a negative price-to-earnings ratio, while dividend yield data is unavailable. Continued progress towards profitability, improved cash generation and successful refinancing will therefore remain important factors in the group’s financial outlook.
More about Time Out
Time Out Group plc operates across the leisure, hospitality and media industries, combining a global digital media platform with a growing portfolio of food and cultural Markets.
Time Out Market brings together selected local chefs, restaurants, bars and cultural experiences within major urban destinations. Its Media operation provides city-focused editorial content, guides, video, social media and experiences to audiences worldwide.
The group’s media presence extends across more than 350 cities in over 50 countries, supporting revenues from advertising, partnerships, commerce, sponsorship and live events. Its growth strategy increasingly focuses on capital-light franchises and partnerships while integrating digital audiences with physical Market experiences.
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