Time Out Entertains European, U.S. 'Market' Expansion - TheStreet

Time Out has come a long way since the summer of 1968, when university student Tony Elliott produced his first printed edition on his mother's kitchen table.

And after its June IPO, the company, whose listings magazine was once a must-have accessory for ur-hipsters, said it would press ahead with plans to expand its physical Time Out Market format. 

The business, which assembles restaurants, entertainment and cultural attractions under one roof, saw revenue more than double in the six months ended June. 

Time Out bought the Market operation in Lisbon from Oakley Capital Partners on June 14, the day it made its debut on London's junior stock market.   The IPO proceeds amounted to about £84 million ($109 million) and Time Out said at the time it would use the funds to expand its technology teams and for product investment.

"Plans for new locations are in advanced discussions in London and Porto, and are progressing well in New York and Miami," said the group.

The London-based city guide publisher on Tuesday reported its first earnings since the  IPO. Revenue was £16.6 million for the six months through June 30, up 16% from a year earlier. Overall digital revenue jumped 33%. Its adjusted Ebidta loss narrowed by £800,000 to £4.8 million.

Broken down, revenue from digital advertising was up 24%, premium profiles up 54%, and e-commerce 49%.

Premium profiles revenue comes from a listings service which gives businesses digital exposure for a price. Time Out offers the premium service in London, Paris, and New York. Meanwhile, the e-commerce business offers audiences third-party booking engines for making reservations for theaters, hotels, music and other forms of entertainment.

First-half print advertising revenue declined 2% and Time Out reported a 7% drop in its international business, in which the group licenses third parties to publish print magazines and digital content under its brand.

"In the first six months of 2016 we traded well and in line with our expectations, delivering material revenue increases across key growth areas," said Time Out CEO Julio Bruno in the statement. 

On top of a 33% increase in its global monthly audience to 136.6 million, the firm also saw website traffic grow 7%.

Time Out has a presence in 108 cities in 39 countries.

Shares in Time Out recently edged down 0.07% to 139.9 pence.