![]() “The obvious catalyst for the shares over the next 12 months is the opening of Time Out Markets across North America,” Liberum analyst Andrew Bryant wrote in a spring note. “The markets’ roll-out finally accelerating not only helps underpin the move into group profitability, but more importantly, should evidence the sum-of-the-parts equity value of Time Out.” That same research projects that Time Out Group will turn a profit in 2020. markets Time Out is supposed to open this year are expected to generate $15 million in revenue in 2019, and become solidly profitable by 2020, with an estimated $11.2 million in EBITDA on estimated $55 million in revenue, according to research released by investment bank Liberum in March. ![]() To return to profitability, the market concept should provide the momentum: The four U.S. Those changes haven’t been enough to get the company back into the black, but they pointed the company in the right direction: Time Out Group lost $10.2 million last year, compared to an $18 million loss in 2017, according to public company filings. On the media side, digital advertising accounted for $18.8 million and e-commerce $7.9 million, compared to $19.4 million in print ads revenue. The Lisbon market, which had revenues of $11.4 million, accounted for 18 percent of the group’s revenues. ![]() Time Out has been on a yearslong mission to develop new lines of revenue, such as commerce and live events, while managing losses in print advertising. In 2018, Time Out Group generated $61.6 million in revenue.
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