Time Out losses more than double to £15.6m as print revenues fall

The company said the hit was due to increased investment in its online business

Time Out Digital revenues rose 8 per cent to £16.1m, with digital advertising up 8 per cent to £4.4m (PA)

Time Out Group, most famous for its city nightlife and culture guides, saw operating losses more than double to £15.6m in the first half of the year. The company said the hit was due to increased investment in its online business.

Online revenues for the half year to 30 June jumped 25 per cent to £8.5m, catalysing a 13 per cent rise in overall revenues to £18.7m, the publisher reported on Tuesday.

However, print revenues fell 3 per cent to £7m. Across all platforms Time Out reached a global audience of 242.3 million over the half year, a big jump on the 136.6 million it reached in the first half of last year, driven largely by publication of more Facebook video content

Time Out Digital revenues rose 8 per cent to £16.1m, with digital advertising up 8 per cent to £4.4m.

The company has branched out from its core publishing business in recent years as income from print advertising has fallen. It launched its first Time Out Market - a food market, curated by the company’s journalists - in Lisbon in 2014. The Lisbon market served a record 1.7 million customers over the first six months of this year.

A second market is planned to open in Miami next year while Time Out said it would appeal against a decision to deny planning permission for a market in Spitalfields, London.

Chief executive Julio Bruno hailed “good progress” across both business divisions. “Time Out Digital continues to deliver significant revenue growth, driven by e-commerce and [business listings] and was the focus of on-going investment,” he said on Tuesday.

“Time Out Market's success continues with its first market in Lisbon generating £2.6m of revenue in the first half, proving the strength of the format.”

Mr Bruno said that the company’s revenues would increase in the second half of the year as they had in previous years.

Time Out launched magazines in the US cities of Philadelphia, San Francisco and Austin over the period and plans to open markets in Miami and Porto next year. The company said it would appeal against a decision to refuse it planning permission for a market in Spitalfields, London.

Time Out founder Tony Elliott was awarded a CBE in June for services to publishing in June this year. The company he founded while a student in 1968 is now published in 108 cities across 39 countries.