Time Out is set for weaker-than-expected profits after trading was hit by hot weather and contract delays in the latest quarter.
Bosses at the media and food markets business said they saw “softer” trading in June as a result.
The London-listed firm said media revenues were below forecasts for the year to June 30, partially due “to a delay in contracts” which were completed in the new financial year.
Time Out reported that media revenues dropped by 22% to £28 million for the year.
It said its media business has been impacted by a decline in traditional advertising revenues as part of a wider shift towards social media and AI, which the firm expects to continue.
The business said it is progressing with a strategic review into media business.
Meanwhile, it said hot weather in the US in June affected its market revenues in the region.
Market revenues grew by around 10% to £47 million over the latest year.
This was supported by positive growth across its markets portfolio, with the group set to open two new sites in Manhattan and Budapest.
Time Out said group revenues were down 4% year-on-year at £75 million for the past year.
On Tuesday, the group said adjusted earnings are set to have been between £7 million and £9 million over the year, compared with original guidance of between £11 million and £13 million.
Chris Ohlund, chief executive of Time Out Group, said: “While media and market performance during June was softer than anticipated, our markets have since reverted to growth and we see considerable headroom, both through deepening our presence in existing locations and accelerating rollouts into new ones.
“The strategic review of media is progressing well, with clear momentum emerging in high-value areas including social media, email engagement, and the delivery of scalable brand campaigns and live events.
“These strengths position us to drive sustainable revenue growth and enhanced returns for shareholders.”
