Time Out Group PLC on Friday said its pretax loss widened as revenue fell due to a lower pipeline of large deals.

The London-based global media and hospitality business said revenue in the six months to the end of December fell 3.1% to £50.9 million from £52.5 million in the previous year.

Pretax loss widened in the same period to £6.8 million from GBPP4.6 million in the prior year.

The company said Media revenue dropped 19% to £14.4 million from £17.7 million due to broader sector weakness due to the US and UK elections.

It said it expects a ‘significantly stronger’ performance in the second half.

The firm said it anticipates growth in new and existing markets in the second half against a more favourable media background.

It is confident it will deliver earnings before interest, tax, depreciation and amortisation in line with market expectations for the full-year.

Time OUt said it has entered a convertible loan note instrument with its existing shareholder Oakley Capital Ltd to raise £5.0 million.

Chief Executive Officer Chris Ohlund said: ‘Having previously announced the intention to operate as one Time Out brand rather than as two discrete business units, we are making good progress in increasing the synergies between the two and cementing Time Out as a unique proposition, both for our audience and for our commercial partners. We have already identified and actioned significant operational synergy efficiencies, which will benefit profitability in both H2 FY25 and FY26.

‘Having seen a temporary reduction in [request for proposals] prior to the US election, we have taken appropriate actions on costs and remain confident in the long-term performance; a recent material uplift in the volume and value of RFPs gives Media the potential to deliver significantly stronger H2 revenue growth if converted at the same rate as in H2 FY24.’

Time Out shares were up 2.3% to 44.00 pence in London on Friday morning.

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