Time Out shares rise with funding for new flagship market secured

Time Out Group PLC on Tuesday forecast lower full-year revenue on a reported basis, but saw its shares rise with an optimistic outlook boosted by plans for a new flagship market.

The London-based media and hospitality business expects total revenue of £72 million for the year ended June 30, down from £73 million a year earlier.

On a more positive note, it sees revenue from continuing operations rising by 11% on-year to £61 million from £55 million.

For the Markets division, continuing revenue is expected to rise 8% to £40 million from £37 million, with this segment of the business continuing to perform in line with expectations.

The company currently has 13 operational markets, with five more under development, in Abu Dhabi, New Delhi, Sao Paulo, Prague and Riyadh.

Since the end of June, it has secured a sixth development location on Regent Street's Piccadilly Circus. It will be Time Out's flagship London market.

Over the course of financial 2026, the company opened three new markets in Budapest, New York and Vancouver.

Time Out noted that its Media division had returned to profit on an adjusted basis for earnings before interest, tax, depreciation and amortisation. It was " supported by UK and US sales growth, improved client retention, new business wins and the successful delivery of a cost efficiency programme," the company said.

Continuing media revenue was 17% ahead of the previous year at £21 million.

Time Out added that the refinancing of its maturing senior debt is ongoing. As of Tuesday, it has entered into an agreement with existing shareholder Oakley Capital Ltd, or OCL, to increase the value of an existing loan to £2.1 million from £1.1 million. OCL is an associate of Oakley Capital Investments Ltd, which owns about 33% of Time Out's shares.

Time Out said it will use the extra funds to develop the new London market.

Chief Executive Chris Ohlund called financial 2026 "a year of significant operational and strategic progress".

"Time Out's combination of trusted city content, global digital reach and high-quality physical experiences is unique. Together, these capabilities provide a strong platform for further audience, commercial and capital-light growth.

"Following the year-end, securing our London flagship at Piccadilly Circus marked one of the most important milestones in Time Out's history. It brings Time Out Market home to the city where the brand was founded and will provide a global showcase for the next generation of our integrated Media and Markets proposition."

Time Out shares rose 11% to 7.50 pence each late Tuesday morning in London.

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