Business
Final Results and Board Changes
Final Results and Board Changes.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6466Q\n Time Out Group plc\n 29 October 2021\n \n \n \n \n 29 October 2021\n \n \n \n \n \n Time Out Group plc\n \n \n (\"Time Out\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Results for the 18 months ended 30 June 2021\n \n \n \n \n \n and \n \n \n \n \n \n Board Changes\n \n \n \n \n \n Time Out Group plc, the global media and hospitality business,\n today announces its audited results for the 18 months ended 30 June 2021. Comparative information relates to the 12 months ended 31 December 2019. \n \n \n \n \n \n Outlook\n \n \n Whilst there can be no certainty over the future imposition of trading and movement restrictions in response to Covid-19, the Board is encouraged by the current trading and prospects of the Group. All seven of the Time Out Market sites are open and despite the lack of city tourism and social distancing restrictions, the growing level of footfall has underlined the strength of the proposition and as a result we remain optimistic about the return to pre-Covid trading levels in the months ahead. We are particularly encouraged by the growing pipeline of potential new Time Out Market management agreements and the recurring earnings stream they offer, without the need for further capital expenditure.\n \n \n \n \n \n The Media division is experiencing a significant recovery in advertising. With a continued digital advertising focus and an optimised cost base, we expect operating margins to continue to grow in the current period.\n \n \n \n \n \n Notwithstanding the requirement to refinance the existing debt facility, the equity fund raises in the period have provided the Group with lower net debt and a period end cash balance of £19.1m.\n \n \n \n \n \n Financial Summary\n \n \n \n \n \n ·\n \n Gross revenue\n \n \n (1)\n \n \n \n \n declined to £44.9m (2019(5): £77.1m) and net revenue to £37.8m (2019: £63.3m) due to the forced closure of Time Out Market (\"Market\") sites and the sharp decline in advertising revenues generated by Time Out Media (\"Media\") from the travel and leisure sectors\n \n \n · \n \n Gross margin\n \n \n (2)\n \n \n \n \n increase of 7 percentage points to 80% (2019: 73%), despite Group gross profit decline of 35%...