Travel media company grows revenue 58 per cent with new locations
A global leisure and media group has announced a gross revenue increase of 58 per cent for 2019.
Time Out Group, which has headquarters in London, reported today that it saw its gross revenue grow by nearly £30m, going from £48.8m in 2018 to £77.1m in 2019.
The company, which provides travel journalism in countries worldwide, also grew its profit by 45 per cent, and its audience by 18 per cent.
As well as media, the company operates Time Out Markets, which is a series of food and cultural markets, of which it opened five new locations last year.
Julio Bruno, CEO of Time Out Group, commented: “2019 was an exciting year for Time Out.
“The successful opening of five new Time Out Markets saw the transformation of this division from a single, highly popular market in Lisbon to a global portfolio, demonstrating that the concept can be effectively replicated in cities around the world.
“Notwithstanding recent developments, the success of markets opened in 2019 indicates that there is a growing demand for this concept globally as landlords look for ways to increase the attractiveness and footfall of their properties.
“The outbreak of the COVID-19 pandemic has had a significant recent impact on trading with the temporary closure of all six Time Out Markets and a slowing of advertising revenues.
“We are responding quickly to these unprecedented times with a temporary “Time In” rebrand, a launch of an e-version of the magazine, complementing our online digital content, a review of the operating structure and preserving our cash position.
“We are in the process of assessing the potential financial impact, which will be highly dependent on the duration of the outbreak, coupled with the response from governments and consumers alike.
“However, in the meantime, our primary concern is the wellbeing and safety of our employees, their families, our guests, concessionaires and their teams.”
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