Time Out has narrowed annual losses and forecast a “transformative” 2019 as it continues to roll out its popular food markets worldwide.
The media and entertainment firm reported pre-tax losses of £15.2 million for 2018, down from £26.3 million the previous year on revenues 10% higher at £48.8 million.
It saw underlying sales surge 49% to £9 million in its burgeoning food markets arm and said it is expecting the “significant progress” seen in the division last year to continue into 2019.
The group has five new markets on track to open in the US this year, including Miami, New York and Boston all by the end of June, with Chicago launching in the third quarter and its first management agreement in Montreal for the final three months of the year.
The firm is also working towards a 2021 opening for a market in London’s Waterloo, with Prague potentially in the offing for 2022.
Its media and publishing division saw underlying revenues fall 3%, with a 12% jump in digital advertising offset by ongoing falls in print turnover – down 7%.
In the UK, magazine revenues rose 2% thanks to strong sales of cover wraps and successful kids, property and travel supplements during the year.
Its live division also suffered a 40% tumble in sales as the group ended a number of unprofitable events.
Julio Bruno, chief executive of Time Out Group, said: “In light of the progress made in 2018, we are confident in the outlook for the group in the year ahead.
“2019 will be a transformative year as Time Out opens its doors to five new markets in Miami, New York, Boston, Chicago and Montreal.
“By the end of the year, Time Out will have markets totalling 185,000 sq ft with almost 4,000 seats and offering food from 120 of some of the best chefs in these cities.”