Time Out Markets reports revenue recovery, to devote more resource to expansion: Time Out Market revenue increased by 295% to £11,867,000 in the six months to 31 December 2021. Adjusted Ebitda was minus £619,000 (2020: minus £4,847,000). Listed building consent has been submitted to open in London Spitalfields. New markets are due to open in Porto in 2023 (directly owned and operated) and under management agreements in Abu Dhabi in 2024 and Prague in 2025. Chief executive Chris Ohlund said: “More resource would be committed to realising the potential of the Time Out Market as we respond to landlords wishing to introduce this leading concept to key properties in cities throughout the world”. The company added: “(Results) reflect a gradual return of customers to our Markets despite the requirement for vaccination record checks and the continued use of masks. International travel is now gathering some momentum and together with a return of office workers, we are optimistic that this trend will accelerate into the spring and summer. Operating expenses have increased in line with revenue and continues to benefit from cost saving initiatives implemented in the previous periods. Market central costs have increased as we invest in resource to continue to develop and progress the strong pipeline of future markets. As we emerge from the pandemic, our teams have been focussed on ensuring the Markets doors have reopened with the highest quality line up of concessionaires and activations and events that showcase our connection to the local community all of which is attracting new customers who come back regularly. These included the ever-popular drag bingo nights in Miami, a ticketed Tupac vs. Biggie-themed event in Chicago which featured on local television stations, whilst the DJ van on the patio went viral on Tik Tok with 5.4m views and increased bar sales by 60% after 10pm. The New Year’s Eve celebrations across all North American Markets generated revenue close to pre-pandemic levels. Collectively these actions have resulted in the Markets being well placed to capture the return to city life, as can be seen in the encouraging performance of those Markets in regions which have been quickest to return to ‘normality’. Time Out Market continues to serve up the unique combination of a city’s best food, drink and cultural experiences, in a premium engaging environment, supported by strong consumer-led marketing and a cost-effective structure for restauranteurs. At a time when commercial landlords and real estate developers face the increasing challenge of attracting customers, the Markets transform spaces that become the anchor in prime locations to drive consumer footfall. Our engagement with landlords has continued, albeit with the conclusion of new agreements being delayed due to pandemic-related restrictions, most notably the curbs on travel. As a result, we expect to sign more management agreement sites in the year ahead, growing the Group’s recurring earnings stream, without the need for further capital expenditure.”