Time Out reports £7.3m half-year loss in first results

Publisher Time Out has reported an operating loss of £7.3m ($9.5m) for the first half of 2016, three months after its flotation on the London Stock Exchange.

That compared to a loss of £7.4m in the same period a year ago. Revenue increased 10% in constant currency terms to £15.1m for the six months ended 30 June.

Time Out provides entertainment, food and drink recommendations for over 100 cities around the world through print and digital platforms.

Its chief executive Julio Bruno said the company had met its earnings targets for the half-year period.

"In the first six months of 2016 we traded well and in line with our expectations, delivering material revenue increases across key growth areas," he stated.

"We made strong progress against our strategy as we increasingly monetise our audience, develop e-commerce and provide unique advertising opportunities to businesses."

Time Out reported digital revenue growth of 33% from the same period a year ago, with digital advertising up by nearly a quarter.

"The second half of the financial year has begun well, with good year-on-year growth as we continue to inspire people to discover, book and share the very best of the world's cities," Bruno added.