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Shares in AIM-listed publisher Time Out Group (LON:TMO) declined by 21.90% to 41p (as of 11:50 GMT) after it temporarily closed operations in all six of its markets. Management said that gross revenues had increased by 58% during 2019 and that operating losses had narrowed by 18%, but that it was impossible to estimate the negative impact of coronavirus on 2020 trading at this time.
CEO Julio Bruno commented: “The outbreak of the COVID-19 pandemic has had a significant recent impact on trading with the temporary closure of all six Time Out Markets and a slowing of advertising revenues.
“We are responding quickly to these unprecedented times with a temporary “Time In” rebrand, a launch of an e-version of the magazine, complementing our online digital content, a review of the operating structure and preserving our cash position. We are in the process of assessing the potential financial impact, which will be highly dependent on the duration of the outbreak, coupled with the response from governments and consumers alike. However, in the meantime, our primary concern is the wellbeing and safety of our employees, their families, our guests, concessionaires and their teams“.