Listings magazine publisher Time Out Group PLC (LON:TMO) said today that it anticipates its 2016 revenues will be ahead of expectations helped by “positive” trading in the second half.
The AIM-listed firm, which also operates food markets and an e-commerce business, said full-year group revenues are expected to show year-on-year growth of 23%, or 17% at constant currency rates.
Time Out said the second-half saw faster group revenue growth at 29% against 16% growth in the first-half.
The group said its losses for 2016 are anticipated to be in line with board expectations, but its closing net cash position is expected to be better than expected.
Time Out said its Digital unit delivered revenue growth of 39% for the year, seeing 44% year-on-year growth in the second half and 33% in the first.
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Meanwhile, the firm added, its Time Out Market business saw revenues more than double over the year, with the first business in Lisbon seeing 3.1mln visitors during the year as a whole, compared with 1.3mln in the first half, and 63% growth compared to the 1.9mln visitors seen in 2015.
Julio Bruno, Time Out’s chief executive officer, said: “"We have delivered a strong performance in 2016 in terms of the operational and strategic development of all lines of our business.”
He added: “I'm encouraged by the growth we've seen in particular across key areas like digital advertising and e-commerce as well as Time Out Market.”
Time Out shares – which were floated last June at an offer price of 150p each – were up 1.5%, or 2p to 137.5p in mid morning trading..