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Time Out ( (GB:TMO) ) has provided an announcement.
Time Out Group, the media and hospitality operator behind the Time Out Market food halls, reported a modest 2% rise in group revenue to £39.8m for the half year to 31 December 2025, while group adjusted EBITDA jumped 23% to £6.0m as gross margins improved and divisional costs fell. The company remains loss-making at the operating level, with a £0.3m loss reflecting £3.1m of restructuring charges, but an £8m equity placing completed in early 2026 has bolstered growth and working capital.
The Markets division delivered broadly stable adjusted EBITDA of £6.7m on 2% revenue growth, supported by new sites in Budapest under a management agreement and an owned-and-operated market in Manhattan, while the portfolio mix shifted further toward capital-light management agreements that provide recurring fee income. Time Out also closed its Chicago market and licensed the Boston site to a local developer to improve future cash flow and returns, and secured a high-profile opening sponsorship for its Union Square, Manhattan market from Disney’s The Lion King on Broadway.
In the Media division, a strategic overhaul and strict cost control drove a return to profitability, with adjusted EBITDA swinging from a £0.6m loss to a £1.9m profit on 3% revenue growth, underpinned by strong direct campaign sales in the U.K. and U.S. and a 33% surge in monthly audience reach to 244 million, largely via a 44% increase in social media reach. Management highlighted the shift toward video and social platforms as a structural opportunity for the brand, even as operations in Gulf Cooperation Council markets face reduced footfall amid regional conflict.
With a streamlined cost base, rising exposure to high-margin, capex-light management agreements in its markets portfolio, and a media arm back in the black, Time Out argues it is now positioned for sustainable, profitable growth. The combination of portfolio reshaping, operational efficiencies and fresh equity funding is aimed at reinforcing the group’s resilience and enhancing returns, though execution on the markets pipeline and navigating geopolitical headwinds will remain key for investors and partners.
The most recent analyst rating on (GB:TMO) stock is a Sell with a £7.50 price target. To see the full list of analyst forecasts on Time Out stock, see the GB:TMO Stock Forecast page.
Spark’s Take on TMO Stock
According to Spark, TipRanks’ AI Analyst, TMO is a Neutral.
The score is held down primarily by weak financial performance (sharp revenue decline, much larger losses, renewed cash burn, higher debt and negative equity). Technicals further pressure the rating, with price well below key moving averages and negative momentum indicators. Valuation offers limited offset because the negative P/E reflects unprofitable operations and dividend data is unavailable.
To see Spark’s full report on TMO stock, click here.
More about Time Out
Time Out Group plc is a London-headquartered global media and hospitality company focused on city life. Founded in 1968, it operates a multi-platform model spanning digital channels and physical venues, with expert journalists curating content on what to do, see and eat across more than 350 cities in over 50 countries. Its flagship physical offering is Time Out Market, an editorially curated food and cultural market concept with 13 open locations worldwide and further sites in the pipeline.
Average Trading Volume: 74,316
Technical Sentiment Signal: Sell
Current Market Cap: £43.12M
For detailed information about TMO stock, go to TipRanks’ Stock Analysis page.