Time Out rebrands to Time In as it closes print edition and markets due to coronavirus
Time Out has temporarily rebranded to Time In after the coronavirus outbreak forced the media group to close its print edition and food markets.
The publisher and events group has closed all six of its food markets, while it is also battling a slowdown in advertising revenue.
The firm said it will now launch an e-version of its magazine alongside its digital output as it refocuses on its online content.
Shares in Time Out dropped more than 13 per cent this morning.
Following a moratorium on financial reporting issued by the City regulator, Time Out said it would no longer release its full-year results this week.
But in a trading update issued today, the Aim-listed firm reported a 58 per cent increase in revenue to £77.1m in 2019, driven by growth in its Time Out markets.
Adjusted earnings before interest, tax, interest, tax, depreciation and amortisation improved to a loss of £4.7m, compared to an £8.1m loss the previous year.
Ahead of the coronavirus outbreak, Time Out has continued to expand its popular markets, opening five new markets in North America and securing a record 4.1m visitors to its flagship Lisbon venue.
The company has signed an agreement for a new market to open in Dubai this year, while a London venue in the former Eurostar tunnels at Waterloo station is expected in 2021.
It is not clear how these planned openings will be affected by the virus outbreak.
Time Out more than doubled its markets revenue from £9m to £23.2m last year. Digital advertising revenue grew 10 per cent, but the firm’s media division still posted a £2.2m loss.
“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,” said chief executive Julio Bruno.
“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.”
Main image credit: Time Out