Listings magazine Time Out saw operating losses jump to £3.1 million last year as it moved to a free print model in London and its sister New York title suffered from “slower than anticipated” trading.
Time Out’s London revenues leapt 12% against a year earlier, as the decision to go free in September boosted weekly circulation from 50,000 to 305,000 and lifted print advertising. Digital sales jumped 79%. It was not clear how Time Out’s New York operation performed as its parent, private-equity firm Oakley Capital, did not break down its results.
Time Out’s group sales were £28 million — the same as a year earlier, when the group made an operating loss of £1.9 million.
Oakley said that it had a “good trading performance” from its assets, which also include audio-conferencing group Daisy.
Net asset value increased to £1.81 per share, up from £1.71.
