Time Out Group Reports Widened Pretax Loss, but Revenue Rises
Time Out Group, the global media and hospitality company, has released its financial results for the year ended June 30. While the company experienced a widened pretax loss due to exceptional costs, its revenue saw significant growth.
Widened Pretax Loss and Exceptional Costs
Time Out Group reported a pretax loss of £25.0 million ($30.7 million) for the period, compared to a loss of £19.5 million in the previous year. This increase in loss can be attributed to exceptional costs totaling £10 million, primarily associated with the closure and exit of the Miami Market.
Impressive Revenue Growth
Despite the pretax loss, Time Out Group managed to achieve a revenue increase of 37%. The company’s revenue reached £76.0 million, driven by strong growth in both the Market and Media units.
Improved Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
When excluding exceptional and one-off items, the adjusted EBITDA of Time Out Group showed significant improvement. It rose from £1.2 million to £5.3 million, highlighting the company’s efforts to enhance its operational performance.
Despite facing macroeconomic challenges, Time Out Group expressed confidence in its future growth prospects. The company believes that by building a strong foundation for continued expansion and effectively managing its costs, it can significantly enhance future cash flows and profitability.
The management stated, “We are pleased with our performance in the first quarter of fiscal 2024, which aligns with our expectations. Despite prevailing macroeconomic headwinds, we remain committed to delivering on our ambitious plans.”