Time Out shares slip as it warns market opening delays will hit profit
Shares in Time Out dipped just over two per cent this morning after the media group warned that the delayed openings of two of its new food markets will hit profit.
Read more: Time Out posts revenue rise as it dines out on food market success
The London-listed firm said delays to its new sites in Chicago and Montreal, combined with higher investment, would have a “modest” impact on full-year earnings.
Time Out Markets have been a key driver of growth for the media firm amid a squeeze on digital advertising revenue that has buffeted the wider sector.
The group has opened five new markets in the US and Canada this year as it looks to replicate the success of its flagship Portuguese site.
Time Out Market Lisbon is now Portugal’s most popular attraction with roughly 4m visitors per year, the firm said.
The company is set to open a market in the former Eurostar tunnels at Waterloo station in 2021, and has filed a planning application for a second site in Spitalfields.
Further launches are planned for Dubai next year and Prague in 2023.
In September Time Out reported a 10 per cent rise in revenue to £24.7m over the first half of the year, and narrowed its pre-tax loss marginally to £12m.
Read more: Time Out looks to markets as audience reach hit by Facebook algorithm change
This was boosted by a four per cent rise in digital advertising revenue, thanks to major campaigns with brands including Google and Netflix.
Main image credit: Time Out