Business
Final Results
Final Results.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \nRNS Number : 2515U Time Out Group plc 28 March 2019 \n\n28 March 2019\n \nTime Out Group plc\n(\"Time Out\", the \"Company\" or the \"Group\")\n \nResults for the year ended 31 December 2018\n \nA year of significant progress\n \nFinancial highlights\n \n· Group revenue: 10% year-on-year growth to £48.8m (2017: £44.4m), driven by a combination of 5% underlying growth(1) and the full year impact of 2017 acquisitions(2)\n· Group gross profit: strong growth of 30% (23% underlying), driven by material improvements in gross margins to 66% (2017: 56%)\n· Time Out Market: revenue growth of 51% to £9.0m, with Time Out Market Lisbon delivering strong EBITDA in the period of £4.3m, up 95% year-on-year (2017: £2.2m)\n· Time Out Media: revenue growth of 4% to £39.8m (-3% underlying), primarily driven by digital advertising growth of 23% (12% underlying); offset by underlying reductions in Live (-40%) and Print (-7%), impacted by the strategic decision to discontinue certain low margin events and print publications\n· Adjusted EBITDA(3): significantly reduced loss of £8.1m (2017: £14.2m loss), in line with expectations and a £6.1m (43%) improvement on prior year\n· Operating loss: loss of £11.5m (2017: £24.6m), including the £4.5m gain on disposal of the investment in Flyt\n· Net debt: £4.8m at 31 December 2018, which includes available cash of £24.3m and debt of £29.1m\n· Funding: New €10 million loan secured in March 2019, supporting growth ambitions for Time Out Market \n \n \nOperational highlights\n \n· Time Out Market division: strong momentum continues\no Continued success of Time Out Market Lisbon, with a record 3.9m visitors (2017: 3.6m)\no Five new markets on track to open in North America this year, including Miami (opening in Q2), New York (Q2), Boston (Q2), Chicago (Q3), as well as Time Out Market's first management agreement in Montréal (Q4)\no Time Out Market London-Waterloo conditional lease agreement (planned 2021 opening) and Prague management agreement (2022 opening) signed\n· Time Out Media division: significant improvement in economics\no Gross margin improve...