Company Update

RNS Number : 2331G

Time Out Group plc

16 March 2020

 

16 March 2020

Time Out Group plc

("Time Out" or the "Company")

Company Update

Time Out has until now not experienced any material impact on its trading related to the COVID‐19 outbreaks. It is only in very recent days that we have observed any change in footfall to the Time Out Markets and delays to advertising campaigns.

We have however been closely monitoring events and in response to local government guidelines and in the interest of customer safety we have temporarily closed the five Time Out Markets in Lisbon and the USA and await further advice. Given the uncertainty of the situation it is not currently possible to quantify the full trading impact of COVID-19, which will be highly dependent on the duration and severity of the virus and the response by governments and consumers.

The Company will review its funding and ability to manage its cost base to meet the challenges of the current trading environment and will update further on 26 March 2020 with the publication of its results for the year ended 31 December 2019.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).

-ENDS-

For further information, please contact:
Time Out Group plc	Tel: [phone]
Julio Bruno, CEO
Adam Silver, CFO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker)	Tel: [phone]
Clayton Bush / Andrew Godber / Edward Thomas
FTI Consulting LLP	Tel: [phone]
Edward Bridges / Stephanie Ellis

Notes to editors

About Time Out Group plc

Time Out Group is a global media and leisure business that helps people explore and experience the best of the city through its two divisions - Time Out Media and Time Out Market. Time Out launched in London in 1968 with a magazine to help people discover the exciting new urban cultures that had started up all over the city. Today, the Group's digital and physical presence comprises websites, mobile, magazines, live events and Time Out Market. Across these platforms Time Out distributes its curated content - written by professional journalists - around the best food, drink, culture, entertainment and travel across 327 cities in 58 countries. Time Out Market is a food and cultural market which brings the best of the city under one roof: its best chefs, drinks and cultural experiences - based on editorial curation. The first Time Out Market opened in Lisbon in 2014 and Miami, New York, Boston, Montreal and Chicago followed in 2019 with a further pipeline in other global locations. Time Out Group, listed on AIM, is headquartered in the United Kingdom.

 

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