Time Out said its media division returned to profitability in its latest financial year, with revenue from continuing operations up 11% despite a reshaping of the wider group.
The media and hospitality company reported group revenue of about £72m for the year to 30 June, broadly flat on the prior year, though that reflected the closure or franchising of several operations during the year.
Stripping those out, revenue from continuing operations rose to £61m from £55m.
Its Media arm was the highlight, with revenue up 17% to £21m and the business returning to adjusted EBITDA profit, helped by sales growth in the UK and US, improved client retention, new business wins and a cost-efficiency programme.
Its global monthly audience grew 31% to around 280 million people.
The Markets business, which runs Time Out’s food halls, lifted revenue by 8% to £40m, having opened three new sites in Budapest, New York and Vancouver, taking its portfolio to 13 and pulling in 12 million visitors over the year.
Chris Ohlund, CEO of Time Out Group plc, said: “FY26 was a year of significant operational and strategic progress. We opened three new Markets, expanding the portfolio to 13 locations worldwide, and signed new capital-light Market franchise agreements for India and Brazil.
“At the same time, we accelerated the transformation of Media and returned the division to adjusted EBITDA profitability. Monthly reach grew by 31% to approximately 280 million people, active registered users increased to 2.5 million and we continued to broaden revenues across direct advertising, live experiences, commerce, sponsorship and our physical Markets.”
The company added that the refinancing of its maturing senior debt was ongoing and progressing in line with expectations.