Time Out Group (LSE:TMO), the media and leisure company behind the Time Out Market food hall concept, said group revenue for the year ended 30 June is expected to be approximately £72m, against £73m in the prior year.
Revenue from continuing operations, which strips out businesses licensed, franchised or closed during the year, rose 11% to £61m.
Continuing Markets revenue climbed 8% to £40m, with the division's 13 operational venues trading in line with management expectations and welcoming 12m visitors during the year.
Continuing Media revenue grew 17% to £21m and returned to adjusted EBITDA profitability, helped by UK and US sales growth, improved client retention and a cost efficiency programme.
The group opened three new Markets during the year, in Budapest, New York Union Square and Vancouver, lifting the portfolio from 10 to 13 locations. Five further Markets are in development, including the first two under a new capital-light franchise model in New Delhi and São Paulo, and the group has since added a sixth site at Piccadilly Circus in London.
"Securing our London flagship at Piccadilly Circus marked one of the most important milestones in Time Out's history", said Chris Ohlund, chief executive.
Time Out also increased an existing loan note with shareholder Oakley Capital from £1.1m to £2.1m, with the additional £1m earmarked as growth capital for the London Market; the interest margin of SONIA plus 8% is unchanged.
The refinancing of the group's maturing senior debt remains ongoing and is progressing in line with expectations.
In London, Time Out Group's shares rose 7.4% to 7.25p after the full-year revenue update.
News Intelligence what this means for the company
Time Out's continuing operations revenue grew 11% to £61m in FY26, driven by 8% growth in Markets (13 venues, 12m visitors) and 17% growth in Media, which returned to adjusted EBITDA profitability. The company opened three new Markets (Budapest, New York Union Square, Vancouver) and secured a flagship London site at Piccadilly Circus, while five further Markets are in development including two under a capital-light franchise model. This marks material progress on the Markets expansion strategy and a return to profitability in Media after cost restructuring.
The 11% continuing revenue growth and Media's return to profitability strengthen the case for the Markets-led growth model, though group revenue of £72m (down from £73m prior year) reflects the impact of divested/franchised operations. The Piccadilly Circus flagship and shift toward capital-light franchise formats (New Delhi, São Paulo) reduce future capital intensity, but refinancing of maturing senior debt remains ongoing and will be key to funding the six-site development pipeline.
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