Time Out Group PLC (AIM:TMO), the media and hospitality business, saw its shares jump more than 5.5% after it lifted its profit guidance higher on the back of strong fourth-quarter trading.
It comes as sales growth rates improved significantly in the final quarter, with both its media and market divisions seeing revenues accelerating.
Following the strong performance, the group expects its underlying earnings to surpass current market expectations, with the consensus at around £11.7 million post-IFRS16.
In May, the company opened Time Out Porto, offering a guide for the Portuguese city =bringing its portfolio to eight locations.
Barcelona is set to open in July, with additional markets planned in Bahrain, Osaka, Vancouver, and Budapest over the next 12 months.
Within the next 36 months, the group aims to develop eight new markets.
Additionally, its global monthly brand audience has grown by 5% to 142 million, with a substantial increase in the social media audience, particularly on TikTok and Instagram, which saw a 100% year-on-year increase.
Chris Ohlund, CEO of Time Out, said: " Our growth plan and strategic decisions are delivering results; our strong brand and curated 'best of the city' content continues to attract more traffic to our digital media and more footfall to our Markets, alongside our pipeline of openings.
"We will continue to focus on expanding our content depth and breadth, whilst growing our bespoke creative campaign solutions for advertisers, who will be able to address both our digital audience and our 'in-real-life' audience in Time Out Markets.
Shares traded at around 54.8p on Thursday, up more than 2.5% in 2024.