In a positive turn of events, Time Out Group has reported a narrowed pretax loss in the first half-year, attributed to significant earnings growth in its market business.
Financial Progress
The global media and hospitality company revealed that its pretax loss decreased to 4.6 million pounds ($5.8 million) in the half-year ending on Dec. 31, an improvement from the loss of GBP12.5 million in the same period the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization saw a remarkable increase to GBP6.0 million, up from GBP2.4 million, with the market segment playing a vital role in this surge by more than doubling its earnings.
Revenue Insights
Despite a 2% decline in gross revenue to GBP52.5 million due to the stronger British pound against the dollar, the group’s like-for-like reported revenue climbed by 7% to GBP54.9 million.
Future Strategies
CEO Chris Ohlund expressed optimism for the future, stating, “Looking ahead, we will continue to focus on growing our creative campaign solutions for advertisers.”
Market Performance
As of 0812 GMT, Time Out Group shares experienced a 4.8% decrease, trading at 50 pence.
