Business
Half-year Report
Half-year Report.
About this update from Time Out Group Plc
[{"type":"text","content":"\n\n\n \n5 March 2024\n \nTime Out Group plc\n(\"Time Out,\" the \"Company\" or the \"Group\")\nUnaudited results for the six months ended 31 December 2023\n \nStrong growth in adjusted EBITDA\ndriven by improved margins and performance across both Media and Markets\nCompany well positioned for sustained growth\n \nTime Out Group plc (AIM: TMO), the global media and hospitality business, today announces its unaudited results for the six months ended 31 December 2023.\n \nFinancial highlights\n● Group gross revenues increased by 7% on a 'like for like'(1) basis in constant currency\n● Reported gross revenue of £52.5m (2022: £53.8m) decreased by 2% due to stronger GBP vs USD\n● Gross margins increased by 300 basis points\n● Group adjusted EBITDA(2) increased 151% to £6.0m (2022: £2.4m)\n● Group operating loss narrowed to £0.1m (2022: £6.8m loss)\n● Cash of £7.1m at 31 December 2023 (2022: £5.3m) and borrowings of £34.8m (2022: £31.4m), resulted in adjusted net debt(3) of £27.7m (2022: £26.0m). Reported net debt was £49.0m (2022: £52.7m) including £21.3m of IFRS 16 lease liabilities (2022: £26.7m)\n \nOperational highlights\n● Time Out Market: strong profitability and expanding global footprint\no Following Cape Town's successful opening in November 2023, the Group has seven Markets open with a further two under construction (Porto and Barcelona, both scheduled to open in 2024)\no Bahrain Market signed in the period, expected to open towards the end of 2024, in addition to five further sites contracted to open FY25-FY27\no Market 'like for like' gross revenue(1) grew 11% in constant currency to £36.5m (2022: £33.0m)\no Adjusted EBITDA increased significantly to £6.1m (2022: £2.5m) with improved gross margin and operational productivity gains(4)\n \n● Time Out Media: growing audience and high value campaigns driving profitability\no Global monthly brand audience grew by 12% to 136m(5)\no Media gross revenue was unchanged year-on-year in constant currency\no Winning big-ticket campaigns from an expanding client roster including a new global media campaign and cross-platform partnership with Coca-Cola spanning H2 FY24 and F...