Food halls and a leaner media business helped the group narrow its losses, even as legacy operations were wound down or franchised out.
Time Out Group plc (LSE: TMO) said its long-struggling Media division has swung back into adjusted profit, with revenue there climbing 17% to £21m in the year to 30 June, as the wider group reshaped its portfolio around fewer, more profitable operations.
Group revenue came in at roughly £72m, broadly flat year-on-year, but that headline figure masks a period of active pruning: several sites and operations were closed or handed over to franchise partners during the year. Strip those out and revenue from continuing operations rose to £61m from £55m, an 11% increase that management is presenting as evidence the turnaround strategy is taking hold.
The Media arm's return to adjusted EBITDA profitability was driven by stronger sales in the UK and US, better client retention, new business wins and a cost-efficiency drive, according to the company. Global monthly audience grew 31% to around 280 million, with active registered users rising to 2.5 million, giving the division a broader base across advertising, live events, commerce and sponsorship.
Time Out's Markets business, which operates its food halls, remains the other pillar of the group's strategy. Revenue there rose 8% to £40m after three new sites opened in Budapest, New York and Vancouver, taking the total portfolio to 13 locations and drawing 12 million visitors over the year. New capital-light franchise agreements have also been signed for India and Brazil, extending the model without requiring Time Out to fund the sites itself.
CEO Chris Ohlund described FY26 as a year of 'significant operational and strategic progress,' pointing to the Media turnaround and Markets expansion as evidence the group's restructuring is paying off. Attention now turns to the refinancing of Time Out's maturing senior debt, which the company says is progressing in line with expectations — a process investors will watch closely given the balance-sheet pressures that have weighed on the shares in recent years.
This report is based on Time Out Group plc’s announcement and coverage by UK Investor Magazine. Company announcements can be tracked via London Stock Exchange RNS and Investegate, and the full markets calendar is worth watching for the next update.
This article is for general information only and does not constitute investment advice or a recommendation to buy or sell any security. Photo: Katie Jowett on Unsplash.
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