Time Out Group PLC (AIM:TMO)’s operating losses achieved break-even status this financial year compared to a £17.5 million loss the previous year.
The media and events company also narrowed its pre-tax loss to £8.55 million, down from £25 million.
Time Out’s Markets division continued its global expansion with three new locations in Cape Town, Porto and Barcelona, bringing Time Out’s portfolio to nine open markets.
Additionally, Time Out signed new market agreements for sites in Bahrain and Budapest, with openings slated for next year.
Osaka is expected to open in 2025, part of a long-term plan that could expand the company’s global presence to a minimum of 16 markets by 2027.
Chief executive Chris Ohlund said: "The Time Out brand is a critical contributor to the success of both Media and Markets, and rather than viewing them as two separate units, we believe there is substantial potential to increase the synergies between them as a unique proposition, both for our audience and for our commercial partners.”
Time Out also announced a share price to raise £8 million through an accelerated book build.
Existing shareholders Oakley Capital Investments (AIM:OCI) and Lombard Odier Asset Management intend to participate in the offer of shares at a 9.9% premium.
“Net proceeds of the placing will be utilised to fund capital investment in connection with opening two new potential markets in London and New York, and to accelerate media technology investments,” said Time Out.