Time Out to beat profit forecasts after strong Q4

20th Jun 2024 08:49

(Sharecast News) - Shares in Time Out Group gained on Thursday morning after the media and hospitality company said full-year profits are expected to beat forecasts on the back of a strong fourth quarter.

The company reported improving sales growth rates, with both media and market sales accelerating during the three months ending 30 June.

The fourth quarter saw the opening of Time Out Porto in May, bringing its portfolio of markets to eight.

A further eight new markets are in development and should open over the next three years, including Barcelona, Bahrain, Osaka, Vancouver and Budapest in the next 12 months.

Meanwhile, Time Out's online monthly audience has risen by 5% to 142m, with TikTok and Instagram driving growth with a combined audience up more than 100% year-on-year.

As a result, the company said EBITDA for the year should beat the current consensus forecast of £6.7m, compared with £5.3m the year before.

"We are pleased with our recent trading performance and are increasingly confident that this momentum will continue as we approach the new financial year," said chief executive Chris Ohlund.

"Our growth plan and strategic decisions are delivering results; our strong brand and curated 'best of the city' content continues to attract more traffic to our digital Media and more footfall to our Markets, alongside our pipeline of openings."

The stock was up 5.5% at 54.88p by 0856 BST.