Time Out losses widen as it blames UK and US elections for slowing ad sales
Time Out makes most of its money from its food markets, but said its media operation did fewer deals because of election uncertainty.
Time Out’s revenues dwindled in the second half of last year as a slump in advertising business at its media outlet drove it to an even wider loss.
The company brought in slightly less than the same period in 2023, about £50.9 million, with most of the turnover coming from its retail markets.
Once a revered print magazine showcasing things to do and places to eat in cities around the world, Time Out stopped printing physical copies in 2022.
The media group still publishes food, culture and travel articles online, but its parent company now makes most of its money from food markets, which saw two new openings in Barcelona and Bahrain.
It has 10 of them in cities including Lisbon, New York and Dubai, and is targeting further openings in Osaka, Budapest, Vancouver and Abu Dhabi this year.
And bosses have said they want to open two more markets in London and New York, contingent on raising fresh cash from investors.
But Time Out magazine saw a one-fifth plunge in revenue to just £14.4 million, driving it to a £600,000 loss during the period.
The company as a whole, which is listed on the London Stock Exchange, lost £2.6 million, worse than the same period in 2023 when it only lost about £100,000.
It blamed the US and UK elections in the second half of last year for causing “broader sector weakness”, hampering its ability to strike advertising deals because of economic uncertainty.
The company said that after the US election in November it had noticed a pick-up in business, and the first half of this year is expected to be “significantly stronger”.
Chief executive Chris Ohlund said Time Out “continues to be trusted and relevant”, adding that its audience is growing, pointing to a monthly social media reach of 184 million users, up 35%.
