Digital boost helps magazine publisher overcome advertising Time Out
Newly listed magazine company Time Out expects to report revenue growth of 16 per cent for the first half of 2016 – a period in which many other publishers have experienced heavy declines.
The publisher, which floated on the alternative investment market (Aim) in June, said digital turnover was up 33 per cent, while print revenue shrunk two per cent.
Its share price had leapt 3.5 per cent to 134p at the time of writing on Tuesday morning.
Since its flotation in mid-June, when it went against the trend of companies holding off on IPOs amid EU referendum uncertainty, Time Out's share price has fallen from 140p to 130p yesterday.
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Read more: Time Out's share price flops on London market debut
Time Out chief executive Julio Bruno said today:
Time Out has traded well through the first six months of 2016 with good growth in our key development areas of digital, e-commerce and Premium Profiles.
Time Out Market in Lisbon has also had an excellent start to the year demonstrating the potential of the format, which we plan to replicate in other great cities.
The recent IPO supports the next chapter of our development, providing funding for investment in the Group's digital, e-commerce and Market businesses.
Read more: Publisher ignores London IPO Time Out to target pre-referendum float
Time Out, which will report its results for the six months to 30 June in late September, said that within digital revenues, advertising grew by 24 per cent.
This growth came during a period when newspaper publishing companies, such as Trinity Mirror and DMGT, were experiencing large advertising declines, with online growth failing to offset print decline.