Shares in Time Out Group PLC (AIM:TMO) fell 6% in early deals on Tuesday as the magazine and food market operator issued a profit warning, saying the performance in the last month of its financial year was "softer than anticipated".
Revenue of around £75 million was generated in the year to June 2025, 4% below last year, with adjusted EBITDA now guided at £7-9 million compared with £12.4 million seen the year before.
Markets revenue rose 10% to £47 million, while Media revenue fell 22% to £28 million.
The company said June trading was below expectations due to delayed contracts, extreme heat in the US, and the deferral of some operating expenditure negotiations into the new financial year.
The group has agreed a £6 million related-party loan facility with major shareholder Oakley Capital, of which £1.5 million has been drawn. The loan matures in December 2026 and carries an 8% interest margin.
CEO Chris Ohlund said: “While Media and Market performance during June was softer than anticipated, our markets have since reverted to growth, and we see considerable headroom, both through deepening our presence in existing locations and accelerating rollouts into new ones.”