Time Out reports strong pipeline of opportunities for further markets as revenue and profitability increases, still negotiating on new London site: Time Out has said it has a strong pipeline of opportunities for further Time Out Markets as it reported growth in revenue and profitability for the division. The company stated: “We have a strong pipeline of management agreements at negotiation stage, and expect to sign more in the year ahead. As we grow our portfolio, we continue to optimise operations in existing markets to further grow revenue and for new sites refine selection criteria based on proven critical success factors, with the objective of improving return on investment and reducing time to completion. As first announced on 30 October 2024, the group continues to progress negotiations on two new owned and operated markets; a smaller format location in New York, and a flagship site in London. While the commercial terms remain unchanged from those previously communicated, the company has not entered into any legally binding arrangements in relation to either site, so there can therefore be no certainty that the current negotiations will result in subsequent openings.” It comes as Time Out reported like-for-like revenue from Time Out Market increased 3% to £37,577,000 for the six months ending 31 December 2024 compared with £36,537,000 the previous year. Adjusted Ebitda grew 12% to £6,865,000 from £6,118,000 the year before. During the period, new markets were opened in Barcelona in July 2024 (owned and operated) and Bahrain in December 2024 (management agreement). Osaka (management agreement) is on track to open on 21 March 2025. The expected schedule for future openings is as follows (all management agreements) 2025: Osaka, Vancouver, Budapest and Abu Dhabi; 2027: Prague and Riyadh. Overall, group revenue was down 3% to £50,860,000 from £52,509,000 the previous year. Adjusted Ebitda was down 19% to £4,840,000 from £5,972,000 the year before as the media division saw a fall to minus £609,000 from a positive £2,504,000 the previous year. Chief executive Chris Ohlund said: “Having previously announced the intention to operate as one Time Out brand rather than as two discrete business units, we are making good progress in increasing the synergies between the two and cementing Time Out as a unique proposition, both for our audience and for our commercial partners. We continue to grow our markets revenues and footprint and are developing both new site formats and additional revenue streams for existing markets. We anticipate growth from both new and existing markets in the second half, which with a more favourable media background post the UK and US election and careful cost control gives us confidence that we will deliver Ebitda in line with market expectations for the year to June 2025.” Time Out features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club members. The latest edition, which will be sent to Premium Club members today (Friday, 21 February), at midday, features 891 companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Email kai.kirkman@propelinfo.com today to sign up.