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Time Out Group plc announced a trading update on 18 August 2026 for the year ended 30 June 2026, reporting expected group revenue of approximately £72m and revenue from continuing operations up 11% to £61m. Concurrently, the Company agreed to increase an existing loan note instrument with its shareholder Oakley Capital Limited (OCL) from £1.1m to £2.1m, providing an additional £1.0m for a new London Market. This related-party transaction, with an unchanged interest margin of SONIA + 8%, was considered fair and reasonable by the Company's independent Directors.
| Date | 18 Aug 2026 |
| Time | 07:00:01 |
| Category | Trading updates |
| ID | 0160R |
18 August 2026
Time Out Group plc
("Time Out," the "Company" or the "Group")
TRADING UPDATE FOR THE YEAR ENDED 30 JUNE 2026 (UNAUDITED) AND RELATED PARTY TRANSACTION
FINANCIAL HIGHLIGHTS
Group revenue for the year ended 30 June 2026 is expected to be approximately £72m (FY25: £73m), with revenue from continuing operations(1) up 11% to £61m (FY25: £55m).
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Continuing Market revenue(1) of £40m represents an increase of 8% (FY25: £37m). Markets continue to trade in line with management expectations. The portfolio comprised 13 operational Markets at the year end, with five further Markets in development. The most recent opening, Vancouver, has traded encouragingly since opening in May 2026. Following the year-end, the Group secured its sixth development location on Regent Street at Piccadilly Circus in London. |
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Continuing Media revenue(1) of £21m, an increase of 17% (FY25: £18m). |
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Media returned to adjusted EBITDA profitability, supported by UK and US sales growth, improved client retention, new business wins and the successful delivery of a cost efficiency programme. |
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The process to refinance our maturing senior debt remains ongoing and is progressing in line with expectations. |
Continuing Revenue" relates to those trading operations continuing to trade into FY27 as part of the Group. During FY26, Boston Market, Spain Media and APAC Media were all either licensed or franchised to local operators so are excluded from continuing operations. Following these transactions trading revenues and opex from these locations are replaced by a royalty fee. Chicago Market closed in January 2026 and is also excluded from continuing operations.
OPERATIONAL HIGHLIGHTS
Markets
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Opened three new Markets during FY26-Budapest, New York Union Square and Vancouver-increasing the operational portfolio by 30%, from 10 to 13 locations. |
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The three openings added approximately 88,000 sq ft, 38 kitchens, seven bars and around 1,780 seats to the portfolio; Union Square also introduced the Group's first smaller neighbourhood-format Market. |
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The 13 operational Markets welcomed 12 million visitors across its portfolio. |
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At 30 June 2026, five additional Markets were in development-Abu Dhabi, New Delhi, São Paulo, Prague and Riyadh. New Delhi and São Paulo are the first agreements under the Group's new capital-light Market franchise model, creating the potential for further locations in India and South America. |
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Following the year end, the Group secured a flagship London Market at Piccadilly Circus, bringing the concept to the city where Time Out was founded and increasing the development pipeline to six locations. |
Media
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Global monthly reach increased by 31% to approximately 280 million people across editorial, social, video, newsletters, audio, events and commercial partnerships, supporting the Group's direct proposition to advertisers and brand partners. |
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Time Out's expert city coverage now spans more than 350 cities in over 50 countries. Active registered users increased by 7% to 2.5 million at June 2026, with new registrations generated approximately equally by Media and Markets. |
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The volume of 'best of the city' editorial reviews published each week doubled and the proportion of video content increased, strengthening Time Out's utility and relevance across the channels where audiences increasingly discover city experiences. |
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The revenue mix continued to shift towards higher-value direct client relationships, live experiences, commerce and partnerships. Approximately 53% of UK and US direct Media sales came from repeat clients, while indirect programmatic advertising represented less than 10% of Media revenue. |
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Media generated more than 110,000 attributable transactions and approximately £7.3m of attributable gross merchandise value across accommodation, theatre, attractions, restaurants and Time Out Offers during FY26. |
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Live-events and activation revenue reached approximately £2.4m, supported by campaigns for global brands including Disney Theatrical, Toyota, SailGP, HelloFresh, British Airways and Westfield, with several campaigns combining digital Media with in-Market events and activations. |
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The Group expanded its capital-light Media model through franchise arrangements in Spain, Australia and selected Asian and Eastern Mediterranean territories, and launched dedicated Time Out platforms for Delhi and Mumbai. |
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Time Out's Best Cities research, based on insights from more than 24,000 city residents across 150 cities and input from over 100 local experts, was named Data Initiative of the Year at the 2026 PPA Awards. The initiative generated significant international media coverage and audience engagement, supporting Time Out's editorial authority and proprietary city data proposition. |
Loan Note Instrument and Related Party Transaction
Today, Time Out entered into an agreement to increase the value of an existing loan note instrument with its existing shareholder Oakley Capital Limited ("OCL"), first entered into on 26 August 2025 and amended 7 January 2026 ("LN"), from £1.1m to £2.1m. The additional loan of £1.0m will be used to provide growth capital in connection with the new London Market announced previously on 6 August 2026. Interest margin of SONIA + 8% is unchanged. This constitutes an AIM Rule 13 related-party transaction. Further information is included below.
Commenting on the Trading update, Chris Ohlund, CEO of Time Out Group plc, said:
"FY26 was a year of significant operational and strategic progress. We opened three new Markets, expanding the portfolio to 13 locations worldwide, and signed new capital-light Market franchise agreements for India and Brazil.
"At the same time, we accelerated the transformation of Media and returned the division to adjusted EBITDA profitability. Monthly reach grew by 31% to approximately 280 million people, active registered users increased to 2.5 million and we continued to broaden revenues across direct advertising, live experiences, commerce, sponsorship and our physical Markets.
"Time Out's combination of trusted city content, global digital reach and high-quality physical experiences is unique. Together, these capabilities provide a strong platform for further audience, commercial and capital-light growth.
"Following the year end, securing our London flagship at Piccadilly Circus marked one of the most important milestones in Time Out's history. It brings Time Out Market home to the city where the brand was founded and will provide a global showcase for the next generation of our integrated Media and Markets proposition."
RELATED PARTY TRANSACTION
OCL, as the parent company, is an associate of Oakley Capital Investments Limited ("OCI") which is interested in 174,157,477 Ordinary Shares, representing approximately 33.32 per cent. of the Company's issued share capital. OCI is therefore a substantial shareholder in Time Out. As a result, OCL is a related party of the Company. As such, the execution of the LN by the Company constitutes, for the purposes of AIM Rule 13, related party transactions. The Directors of the Company (excluding Peter Dubens, Non-Executive Chairman of the Company, David Till, Non-Executive Director of the Company, Alexander Collins, Non-Executive Director of the Company, who are not considered independent for the purposes of this transaction) consider that, having consulted with the Company's nominated adviser, Panmure Liberum Limited, the terms of the LN are fair and reasonable insofar as shareholders in the Company are concerned.
- ENDS -
For further information, please contact:
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Time Out Group plc Chris Ohlund, CEO Matt Pritchard, CFO Steven Tredget, Investor Relations Director
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Tel: +44 (0)20 7813 3000 |
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Panmure Liberum (Nominated Adviser and Broker) Andrew Godber / Edward Thomas / Ailsa Macmaster
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Tel: +44 (0)20 3100 2222 |
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FTI Consulting LLP Edward Bridges / Ben Fletcher
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Tel: +44 (0)20 3727 1000 |
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Notes to Editors
About Time Out Group
Time Out Group is a global media and hospitality business that inspires and enables people to experience the best of the city through Time Out Media and Time Out Market.
Founded in London in 1968, Time Out is the world's leading brand dedicated to city life. Its expert journalists curate the best things to do, see and eat across more than 350 cities in over 50 countries, reaching millions of people every month through digital, social, video, audio, newsletters, events and commercial partnerships.
Inspired by this editorial expertise, Time Out Market has become one of the world's leading food and cultural market brands, bringing together each city's best chefs, restaurateurs, bars and cultural experiences under one roof. Every Market is editorially curated by Time Out's local experts.
Time Out Group plc is listed on AIM (AIM: TMO) and headquartered in the United Kingdom.