Time Out Lisbon
Time Out bought its Portuguese franchise late in 2015 Time Out

Media and e-commerce firm Time Out Group has reported a decrease in pre-tax loss by 10% to £18.8m for the year ending 31 December 2016.

The London-headquartered popular media firm, well known for its weekly publication on dining recommendations and local cultural events, has witnessed a particularly strong growth in its Lisbon based food hall. Time Out Market, which has been operational since 2014, reported a year-on-year revenue growth of 115% and attracting 3.1million visitors during the year.

The increase outlines a strong growth potential for Time Out to extend its global outreach outside of its usual focus areas like London, New York and Paris.

The firm's monthly average global audience reach increased by 44% to 155.9 million.

The increase could be correlated with Time Out Group's increase in digital revenue of 39% to £16m.

"2016 has been a year of significant events for Time Out Group. We listed on the stock market in June to take this iconic brand to the next stage of its development, accelerating its growth and consolidating the lines of business," Time Out Group CEO Julio Bruno commented.

"We have beaten revenue expectations but we are just at the beginning of our quest to transact with our large, global audience."

Time Out Group faced a rocky start to its shares debut on June 2016, which tumbled by 10% from its initial floating price.

The latest earnings report marked a strong progress for the group as it strives to implement a strategy to continue its growth momentum.

The Group currently operates in 65 cities across 14 countries, with a further presence in 43 cities across 25 countries through licensing arrangements.