Time Out has reported pre-tax losses of £15.2m for 2018, compared to £26.3m the previous year, revenues were 10% higher at £48.8m.
Underlying sales surged by 49% to £9m on their food markets division, the company said they ae expecting “significant progress” seen last year to continue for 2019.
Time Out are opening in the US this year including, New York, Boston and Miami by the end of June.
Their first management agreement in Montreal will launch in the final three months of the year, and Chicago will launch in the third quarter.
The group are working towards opening in Prague during 2022 and opening in London’s Waterloo in 2021.
Magazine revenues rose 2% due to strong sales over property and travel supplements, and cover wraps and successful kids supplements over the year.
The groups division suffered 40% tumble in sales, the ended a number of unprofitable events.
Julio Bruno, chief executive of Time Out Group said, “I am pleased to report that Time Out has achieved a number of key milestones in the last twelve months. Our Media business materially grew its digital advertising revenue, in a challenging market, and its focus on the most profitable activities drove a significant improvement in the economics of the division.
“The Group published its award-winning content in 207 more cities in 2018, bringing the total to 315. Time Out Market Lisbon was visited by almost four million people, driving 95% growth in EBITDA to £4.3m. As part of the roll out of the Time Out Market format, four new locations have been announced, including two management agreements, bringing the total number of contracted sites to ten.
“In light of the progress made in 2018, we are confident in the outlook for the Group in the year ahead. 2019 will be a transformative year as Time Out opens its doors to five new markets in Miami, New York, Boston, Chicago and Montréal.
“By the end of the year, Time Out will have markets totalling 185,000 sq ft with almost 4,000 seats and offering food from 120 of some of the best chefs in these cities. Most importantly, whether on our print, digital or physical platforms, we will continue to focus on curating the best of the city, helping our global audience go out better.”