ADVFN UK Market News

Author: Fiona Craig

  • Kainos Raises FY27 Guidance Following Strong Start to Financial Year

    Kainos Raises FY27 Guidance Following Strong Start to Financial Year

    Kainos (LSE:KNOS) has upgraded its expectations for FY27 after making a strong start to the financial year, with momentum across all three of its operating divisions supporting a more optimistic outlook.

    The technology group now expects both revenue and adjusted profit before tax for FY27 to be comfortably ahead of current market forecasts.

    The improved guidance follows a strong performance in the year ended 31 March 2026, when Kainos delivered double-digit revenue growth, robust sales activity and a record contracted backlog. That momentum has continued into the new financial year, providing increased visibility over future revenue.

    Digital Services Benefits From Major Contract Wins

    Digital Services is delivering particularly strong growth, supported by significant contracts secured in recent periods.

    The division provides digital transformation services to public-sector, commercial and healthcare customers and remains an important contributor to Kainos’ overall growth trajectory.

    A substantial multi-year contracted backlog, combined with a healthy pipeline of potential new business, gives management confidence that the division can continue performing strongly despite uncertainty in the wider macroeconomic environment.

    Workday Businesses Deliver Double-Digit Growth

    Kainos is also seeing positive momentum across its two Workday-focused operations, with both Workday Services and Workday Products generating double-digit revenue growth.

    The broad-based performance across all three divisions reduces the group’s reliance on any single area of the business and provides additional support for management’s upgraded FY27 expectations.

    While macroeconomic volatility remains a consideration, the scale of contracted work and the company’s sales pipeline provide a degree of visibility as Kainos progresses through the financial year.

    Financial Strength Supports Growth Outlook

    Kainos’ wider financial profile remains supportive, with growth re-accelerating alongside solid profitability, strong free cash flow generation and very low leverage.

    Valuation also provides some support, with a moderate price-to-earnings multiple accompanied by a dividend yield of 3.52%.

    Technical indicators are less favourable. The shares remain below important longer-term moving averages, while momentum signals are broadly neutral, limiting the technical support for the otherwise stronger fundamental outlook.

    More about Kainos Group plc

    Kainos Group plc is a UK-headquartered provider of IT services, digital transformation solutions and software applications, serving major public-sector, commercial and healthcare organisations.

    The company operates through three divisions: Digital Services, Workday Services and Workday Products.

    Kainos employs more than 3,475 people across 18 countries in Europe, Asia and the Americas, supporting an expanding international customer base while combining digital consultancy and implementation expertise with proprietary software products.

  • Made Tech Raises FY27 Guidance After Record £40 Million Government Contract Win

    Made Tech Raises FY27 Guidance After Record £40 Million Government Contract Win

    Made Tech Group (LSE:MTEC) has increased its financial guidance after securing its largest contract to date, with the digital services specialist appointed as part of a consortium to deliver a major four-year programme for a UK government department.

    The contract is expected to generate approximately £40 million of revenue attributable to Made Tech over its duration. Income from the agreement will begin in FY27 before making a more substantial contribution during FY28.

    Following the award, Made Tech has raised its FY27 revenue guidance to between £63 million and £66 million. Adjusted EBITDA is now expected to reach £6.3 million to £6.6 million, putting both measures above previous market expectations.

    Contracted Backlog Climbs to Around £115 Million

    The record contract follows a significant acceleration in sales bookings during the second half of FY26, strengthening Made Tech’s visibility over future revenues.

    The company’s contracted backlog has now increased to approximately £115 million, providing greater coverage for FY27 and subsequent financial periods.

    Management said the latest award further establishes Made Tech’s position within important UK government programmes and reinforces confidence in the company’s medium-term growth prospects.

    The combination of a larger order book and higher guidance provides greater visibility over future performance as Made Tech continues expanding its work across public-sector digital transformation programmes.

    Financial Performance Shows Improvement

    Made Tech’s broader financial outlook has strengthened following its return to profitability, improved cash generation and relatively low leverage.

    Technical momentum also remains supportive, while recent corporate developments, including the record government contract, provide an additional positive factor for the outlook.

    These strengths are partly balanced by a relatively high price-to-earnings multiple and the company’s previous volatility in earnings and cash generation. Continued execution against its expanded backlog will therefore be important in supporting the group’s growth expectations.

    More about Made Tech Group PLC

    Made Tech Group Plc is a London-listed provider of digital, data and technology services primarily focused on the UK public sector.

    The company works with government departments and other public-sector organisations on critical technology programmes, providing digital services and long-term solutions intended to modernise public services and support wider digital transformation initiatives.

  • Seraphim Space Invests $30 Million in Hubble as C Share Conversion Milestone Nears

    Seraphim Space Invests $30 Million in Hubble as C Share Conversion Milestone Nears

    Seraphim Space Investment Trust (LSE:SSIT) has invested $30 million in Hubble Network, making the satellite connectivity specialist the first new portfolio company backed with capital raised through the trust’s recent £137 million C Share issue.

    Hubble is developing a satellite-enabled Bluetooth network designed to connect standard Bluetooth Low Energy chips directly with satellites in orbit. The technology aims to extend global connectivity to billions of existing devices without requiring specialised satellite communications hardware.

    Potential applications include asset tracking, logistics, supply-chain management and industrial monitoring, giving Hubble exposure to a wide range of commercial markets where conventional terrestrial connectivity can be limited or unavailable.

    C Share Deployment Passes £40 Million

    The Hubble investment takes the amount deployed from Seraphim’s C Share proceeds to more than £40 million.

    Having reached this level, Seraphim expects a partial conversion of C Shares into ordinary shares at the end of the current quarter. The anticipated conversion represents another step in the trust’s strategy of deploying the £137 million raised through the C Share issue into SpaceTech opportunities.

    Management views the pace of deployment as evidence of progress in putting the newly raised capital to work while expanding the trust’s portfolio.

    Hubble Expands Direct-to-Device Satellite Network

    Hubble has developed rapidly from an earlier-stage company into a growth-stage satellite connectivity business.

    The company currently has seven satellites in orbit and more than 100 million terrestrial access points, alongside increasing commercial traction for its connectivity technology.

    Seraphim highlighted Hubble as an example of its multi-stage investment approach, which allows the trust to gain exposure to businesses at different stages of development and potentially continue supporting them as they scale.

    The investment also increases Seraphim’s exposure to the growing direct-to-device satellite communications market, where companies are developing ways to connect existing consumer and industrial devices through space-based infrastructure.

    Cash Flow and Earnings Quality Temper Outlook

    Seraphim Space’s broader financial profile benefits from a conservative balance sheet with no debt, providing flexibility as it continues investing across its portfolio.

    However, persistently negative operating cash flow remains a constraint, while earnings can be volatile because performance is influenced substantially by changes in portfolio company valuations.

    Technical indicators are also less supportive in the near term, with the shares trading below important short-term moving averages. A relatively low price-to-earnings multiple provides some valuation support, although the nature of investment trust earnings means valuation movements remain an important consideration.

    More about Seraphim Space Investment Trust Plc

    Seraphim Space Investment Trust plc is a London-listed investment company specialising in SpaceTech businesses and was established as the world’s first publicly traded fund dedicated to space-related technologies.

    The trust follows a multi-stage investment strategy covering companies from early-stage venture opportunities through to later growth rounds. Its portfolio targets emerging areas of the space economy, including satellite communications, direct-to-device connectivity and space-based infrastructure.

  • Georgina Energy Advances Hussar Site Preparation Ahead of September Drilling

    Georgina Energy Advances Hussar Site Preparation Ahead of September Drilling

    Georgina Energy (LSE:GEX) has completed a key water well and progressed civil engineering works at its Hussar EP513 project in Western Australia, keeping preparations on schedule for the planned start of subsalt drilling in September 2026.

    The newly completed water well is producing between 250,000 and 350,000 litres per day, providing an important supply for drilling-fluid preparation and camp requirements during the upcoming campaign.

    Other site works are progressing alongside the water infrastructure, including conductor pipe installation, drilling pad compaction and grading. These activities are designed to prepare the location for mobilisation of the Ensign 970 drilling rig.

    Hussar Targets Helium, Hydrogen and Natural Gas

    The planned Hussar well will target subsalt reservoirs and fractured basement formations considered prospective for helium, hydrogen and natural gas.

    Georgina intends to drill to a depth of approximately 3,200 metres, with the programme also providing an opportunity to evaluate potential resources within the shallower Kanpa and Hussar formations.

    An independent assessment has previously identified substantial unrisked prospective resources at Hussar, supporting the company’s view that the project represents one of Australia’s largest untested subsalt opportunities for gas and helium.

    Successful drilling would provide important geological and resource information as Georgina seeks to establish the commercial potential of the prospect.

    September 2026 Spud Remains on Track

    Completion of the water well and continuing civil works represent important steps towards the mobilisation of the Ensign 970 rig and the targeted September 2026 spud date.

    The drilling campaign forms a central part of Georgina’s strategy to develop a portfolio of helium, hydrogen and natural gas resources in Australia.

    Helium is particularly important to the company’s development strategy, with Georgina seeking to establish a position in the market as global supply-demand conditions tighten. Hydrogen and conventional gaseous hydrocarbons provide additional potential across its exploration portfolio.

    Financial Position Remains a Significant Risk

    Georgina Energy remains an exploration-stage company, and its financial profile continues to present significant challenges. The business currently generates no revenue and remains loss-making, with negative cash flow, negative equity and rising debt weighing on the outlook.

    Technical momentum is comparatively more supportive and provides some offset to the weaker financial picture.

    Traditional valuation measures remain difficult to apply while the company is unprofitable, while the absence of an indicated dividend yield provides no additional support from shareholder income.

    More about Georgina Energy plc

    Georgina Energy plc is a London-listed exploration and development company focused on helium, hydrogen and natural gas opportunities in Australia.

    Through its Westmarket O&G subsidiary, the company holds 100% interests in the Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory.

    Its strategy centres on developing onshore resources capable of supplying growing demand for helium, hydrogen and gaseous hydrocarbons, with the upcoming Hussar drilling campaign representing an important test of the potential within its Australian portfolio.

  • Neo Energy Metals Clears Key Regulatory Step for New Beisa Uranium-Gold Project

    Neo Energy Metals Clears Key Regulatory Step for New Beisa Uranium-Gold Project

    Neo Energy Metals (LSE:NEO) has reached an important regulatory milestone in its plans to acquire and develop the New Beisa uranium and gold project in South Africa’s Free State Goldfields, advancing the company towards its targeted first gold production in December 2027.

    South Africa’s minister has granted Sibanye-Stillwater Section 11 consent for the transfer of the Southern Free State mining right, completing the first of three regulatory stages required before Neo can assume ownership of the New Beisa Node.

    The brownfield project benefits from more than US$500 million of historic investment and substantial existing mining infrastructure, potentially reducing the development requirements associated with bringing the asset back into production.

    Further Regulatory Approvals Now Progressing

    Following the Section 11 approval, Section 102 applications are being processed to separate the New Beisa area from Sibanye-Stillwater’s wider Beatrix operations.

    Neo is also preparing its own Section 11 application, which represents another step towards completing the ownership transfer.

    In parallel, the company has entered into an access agreement enabling it to begin a self-funded assessment of the site while the regulatory process continues. This work is expected to help Neo advance its development plans ahead of taking control of the asset.

    The company remains focused on achieving first gold production in December 2027, with uranium production expected to follow.

    New Beisa Targets Uranium and Gold Production

    New Beisa is being developed as a combined uranium and gold operation, with initial plans targeting annual production of approximately 810,000 pounds of uranium and 52,000 ounces of gold.

    Based on current measured and indicated resources, the project is expected to support a mine life of around 17 years. Neo is also targeting low all-in sustaining costs, supported in part by the extensive infrastructure already established at the site.

    The combination of existing facilities, historic investment and exposure to both uranium and gold forms a central part of Neo’s strategy for developing New Beisa into a significant South African mining operation.

    Henkries Provides Second Uranium Growth Platform

    Alongside New Beisa, Neo is advancing its Henkries uranium project in South Africa’s Northern Cape.

    Henkries is a near-surface uranium deposit with an established processing route. A 2024 feasibility study outlined potential annual production of approximately 260,000 pounds of uranium at cash costs of around US$40 per pound.

    The study estimated an NPV of US$15.1 million and an internal rate of return above 15%, with initial capital expenditure of approximately US$65 million.

    The project provides Neo with an additional development opportunity as it builds a broader portfolio of uranium assets in South Africa.

    More about Neo Energy Metals

    Neo Energy Metals is a uranium and gold development company listed on the London Stock Exchange and A2X, with a Johannesburg Stock Exchange listing targeted for 2026.

    Its two South African projects contain combined compliant resources of 31.5 million pounds of uranium and 1.2 million ounces of gold.

    Through the development of New Beisa and Henkries, Neo is seeking to establish itself as an emerging producer with exposure to South Africa’s established uranium and gold mining regions.

  • Synectics Refreshes Board to Support Software-Led Growth Strategy

    Synectics Refreshes Board to Support Software-Led Growth Strategy

    Synectics (LSE:SNX) has strengthened its board as the security and surveillance technology group progresses with plans to become a more scalable, software- and partner-led business focused increasingly on proprietary technology and recurring revenues.

    The transformation is intended to position Synectics for faster growth from the 2027 financial year, with greater emphasis on proprietary software, AI-enabled operational intelligence and partnerships capable of extending the reach of its products into global markets.

    As part of the governance changes, technology industry veteran Peter Kear has joined as Senior Independent Non-Executive Director, succeeding Andrew Lockwood, who is leaving the board.

    Jon Kempster Takes Over as Interim Chair

    Existing director Jon Kempster has been appointed Interim Chair following the planned departure of Bob Holt, providing leadership continuity while Synectics implements its strategic transformation.

    The company has also appointed Dr. Alison Vincent as Chair of the Remuneration Committee, further reshaping board responsibilities to align governance with the group’s evolving strategy.

    The changes are designed to combine continuity with additional experience in technology, software and listed-company growth as Synectics works to develop a more scalable operating model.

    Peter Kear Brings Recurring Software Revenue Experience

    Kear brings experience considered particularly relevant to Synectics’ strategic ambitions following his career at Celebrus Technologies.

    During his time at Celebrus, he was involved in growing revenue and profitability while helping the business transition towards a model with a greater proportion of recurring software income.

    Synectics believes this background can support its own efforts to increase proprietary software revenues and strengthen the recurring element of its income base, while developing new routes to market through strategic partners.

    Five ‘P’ Strategy Targets Growth From 2027

    The refreshed board will support management in executing Synectics’ five “P” transformation strategy as the company seeks to capture additional opportunities across international security, surveillance and operational intelligence markets.

    A central objective is to shift towards a more product- and partner-led model capable of scaling more efficiently than a predominantly project-based approach. Increasing the use of AI within Synectics’ operational intelligence products and expanding recurring revenues are also important elements of the plan.

    For shareholders, the board changes align leadership expertise more closely with the company’s strategic direction as management targets accelerated growth from the 2027 financial year onwards.

    Financial Strength Supports Transformation

    Synectics enters its transformation with relatively strong underlying financial characteristics, including low leverage and solid cash generation.

    Valuation also provides some support, with the shares trading on a relatively low price-to-earnings multiple alongside a dividend.

    Near-term technical momentum is less favourable. The share price remains below key moving averages and the MACD is negative, indicating weaker market momentum despite the company’s more supportive fundamental and valuation characteristics.

    More about Synectics

    Synectics plc is an AIM-listed security and surveillance technology company operating under the ticker SNX. It provides advanced surveillance and operational intelligence solutions to customers internationally.

    Its platforms bring together systems, technology and data to help organisations improve security, protect people and critical assets, increase operational efficiency and make faster, better-informed decisions.

    The company combines technical expertise with established industry relationships and strategic partnerships, focusing particularly on complex environments where integrated surveillance, analytics and operational intelligence can improve security and operational performance.

    Synectics is currently transitioning towards a more scalable, product- and partner-led model built around proprietary software, AI-enabled operational intelligence and higher recurring revenues, with the strategy intended to support accelerated growth from the 2027 financial year.

  • Great Western Mining Begins Major Drilling Programme at Nevada Tungsten Project

    Great Western Mining Begins Major Drilling Programme at Nevada Tungsten Project

    Great Western Mining Corporation (LSE:GWMO) has started a fully funded drilling campaign at its Defender Tungsten Project in Mineral County, Nevada, as the company advances plans to establish a maiden Mineral Resource Estimate by the end of 2026.

    The programme will initially target a 600-1,000 metre mineralised corridor encompassing several historic tungsten workings, including the Pine Crow, Dough God and Defender mines.

    Great Western plans to complete at least 7,000 feet of drilling across as many as 22 holes. The campaign is designed to test the continuity, geometry and grade of tungsten mineralisation and generate the geological data required to support the project’s first formal resource estimate.

    Drilling Targets Historic Tungsten Corridor

    Chief Executive Ed Loye and Lewis Harvey of Addison Mining Services are on site overseeing drilling activities, geological logging and quality-control procedures.

    The programme represents an important step in Great Western’s increasing strategic emphasis on tungsten, which is regarded as a critical mineral. The company believes the presence of multiple historic mines along the targeted corridor provides a strong basis for systematically assessing the scale and continuity of mineralisation at Defender.

    Assay results from the drilling programme are expected during September and October, while results from metallurgical testing of a bulk sample are anticipated in August.

    Subject to the programme progressing as planned, Great Western remains on schedule to complete a maiden Mineral Resource Estimate for Defender by the end of 2026.

    Tungsten Becomes Increasingly Important to Portfolio

    The Defender campaign forms part of Great Western’s broader shift towards critical minerals while maintaining exposure to copper, gold and silver across its Nevada portfolio.

    Alongside tungsten exploration, the company continues to advance the Huntoon Copper Project, which contains a JORC-compliant resource. Its precious-metals interests include conventional exploration and opportunities associated with reprocessing historic mine tailings.

    Great Western is also considering farm-out and joint venture structures for parts of its portfolio, providing potential routes to advance projects while preserving capital and maintaining exposure to future development upside.

    Financial Position Reflects Exploration-Stage Business

    Great Western’s financial profile remains characteristic of an exploration-stage company, with no revenue, continuing losses and negative free cash flow weighing on the outlook.

    The absence of debt provides some balance-sheet support, although continued exploration and development expenditure means funding requirements remain an important consideration.

    Technical indicators are currently less favourable, with the shares below their 20-day and 50-day moving averages and the MACD in negative territory. Conventional valuation measures provide limited insight while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is available.

    More about Great Western Mining

    Great Western Mining Corporation is a strategic minerals exploration and development company with several 100%-owned claim groups in Mineral County, Nevada, a well-established US mining jurisdiction.

    The company is increasingly focused on tungsten while also progressing its Huntoon Copper Project and maintaining exposure to gold and silver opportunities.

    Its strategy combines direct exploration and development with potential farm-out and joint venture arrangements across selected assets. This multi-commodity approach gives Great Western exposure to critical minerals alongside base and precious metals as it seeks to unlock value from its Nevada portfolio.

  • Sabien Technology Abandons Proposed Financing Deal to Focus on M2G Expansion

    Sabien Technology Abandons Proposed Financing Deal to Focus on M2G Expansion

    Sabien Technology (LSE:SNT) has withdrawn its previously proposed strategic investment and financing arrangements, allowing the energy-efficiency technology company to concentrate on the commercial rollout of its M2G platform and ongoing discussions with potential strategic partners.

    The abandoned framework included a senior secured convertible loan note of up to £2 million, together with a proposed sale of shares held by Executive Chairman Richard Parris and associated parties.

    With the transaction no longer proceeding, Parris Group Limited will retain its existing shareholding in Sabien and continue providing financial support under current arrangements. The Board intends to keep the group’s funding requirements under review and retains the option of formalising additional financial backing in the future if required.

    M2G Partnership Discussions Continue

    Sabien remains in detailed discussions with Haydale and SaveMoneyCutCarbon regarding a potential UK distribution and implementation agreement for its M2G technology.

    Those negotiations have yet to produce a definitive agreement and will now proceed independently of any equity investment or financing transaction.

    Separating the commercial discussions from the proposed financing structure gives Sabien greater flexibility as it seeks to accelerate deployment of M2G, its intelligent boiler optimisation technology designed to reduce energy consumption and carbon emissions in buildings.

    Non-Core Investments Remain Under Review

    The company is also maintaining strategic flexibility around its non-core interests in b.grn Group and City Oil Field technology.

    Sabien does not currently intend to commit additional cash to these activities, allowing management to prioritise resources towards the commercial development of M2G while preserving potential future value from the other interests.

    The company has also reiterated plans for Richard Parris eventually to move from his current executive role to become non-executive chairman, although the immediate strategic priority remains increasing M2G commercial activity.

    Financial Position Remains a Significant Constraint

    Sabien’s broader outlook continues to be weighed down by a challenging financial position. The company remains loss-making, with negative cash flows and negative equity increasing the importance of careful funding management as it pursues its commercial strategy.

    Technical indicators provide little support, with the shares trading below key moving averages and exhibiting a broader downward trend.

    Conventional valuation measures are also of limited use while earnings remain negative, resulting in a negative price-to-earnings ratio, while the absence of dividend yield data provides no additional valuation support.

    More about Sabien Technology

    Sabien Technology Group plc is a UK-based energy-efficiency technology company focused on helping organisations reduce energy consumption, lower carbon emissions and improve the performance of buildings.

    Its principal product is the M2G intelligent boiler optimisation platform, which is designed to improve heating efficiency and reduce unnecessary energy consumption. The majority of Sabien’s revenue is derived from green-economy activities, and the company holds the London Stock Exchange’s Green Economy Mark.

  • Frasers Group Raises Hugo Boss Holding to Nearly 48% Following Takeover Offer

    Frasers Group Raises Hugo Boss Holding to Nearly 48% Following Takeover Offer

    Frasers Group (LSE:FRAS) has increased its position in Hugo Boss to approximately 47.89% after receiving acceptances representing 17.62% of the German fashion company through its voluntary public takeover offer.

    Valid acceptances were received for 12,157,598 Hugo Boss shares. When combined with Frasers Group’s existing direct holding, the UK retailer now controls 33,054,959 shares in the company.

    The enlarged position represents roughly 47.89% of Hugo Boss’s share capital and voting rights, substantially increasing Frasers Group’s exposure to the premium fashion brand while remaining below the threshold for outright ownership.

    Hugo Boss Stake Strengthens Premium Fashion Exposure

    The transaction significantly expands Frasers Group’s influence as a major shareholder in Hugo Boss and reinforces its strategy of building positions in established premium and luxury fashion businesses.

    Frasers has increasingly used strategic investments and corporate transactions to develop relationships with prominent brands and broaden its exposure beyond its traditional retail operations.

    The company also confirmed that there has been no material change to information previously disclosed in connection with the takeover offer, providing investors with an updated and clearer picture of the transaction’s status.

    With almost half of Hugo Boss now represented by its holding, the investment has become an increasingly significant component of Frasers Group’s wider strategy in the European premium fashion market.

    Financial Strength Offset by Weaker Cash Generation

    Frasers Group’s broader financial position remains relatively solid, supported by sustained profitability and an improvement in leverage.

    However, weaker operating profit in 2026 and a significant deterioration in free cash flow temper the financial outlook, making future cash generation an important factor to monitor as the group continues pursuing strategic investments.

    Valuation provides some support, with the shares trading on a relatively low price-to-earnings multiple. Technical indicators are more neutral, offering neither a significant positive momentum signal nor a major additional headwind.

    More about Frasers Group

    Frasers Group plc is a UK-listed retail and brand investment business with operations spanning sports, premium fashion, luxury and lifestyle categories.

    Alongside its retail activities, the group has increasingly built strategic holdings in established consumer and fashion companies. Its investments and takeover activity form part of a broader strategy to strengthen relationships with major brands and expand its position within the European premium and luxury retail sector.

  • Time Out Expands Global Markets and Media Reach as Continuing Operations Grow

    Time Out Expands Global Markets and Media Reach as Continuing Operations Grow

    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.