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Time Out rebrands magazine to “Time In” as it focuses on online content

Published: 21:00 23 Mar 2020 AEDT

Time Out Group PLC - Time Out rebrands magazine to “Time In” as it focuses on online content
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Time Out Group PLC (LON:TMO) has rebranded its magazine to “Time In” as it focuses on online content.

The magazine and events company said in an update it is assessing the potential financial impact of the outbreak, which depends on its duration as well as the response from governments and consumers.

READ: Time Out closes markets in Portugal, US

As at 29 February, the AIM-listed firm had £11.4mln in the bank and an undrawn debt facility of £18mln.

Following Monday’s announcement by the Financial Conduct Authority, Time Out is not releasing the results for the year to 31 December on 26 March, though it provided an update.

The food markets, now shuttered, drove revenue up 58% to £77mln, while underlying loss was £4.7mln as opposed to £8mln in 2018.

Shares tanked 22% to 41p on Monday morning.

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