Time Out slides deeper into red

TIME Out is planning to open a food market in New York despite plunging even deeper into the red.

The publisher, which now covers what’s on in more than 100 cities, saw revenues at its Market concept, which first opened in Lisbon in 2014, surge 62pc.

It also made a hefty investment into its digital business, which offers tickets for theatres, attractions and hotels.

Time Out reported losses widening to £26.3m in 2017 against £18.8m the previous year. Revenues rose 19pc to £44.4m, with a 15pc surge at Time Out Digital. Average global monthly audience hit 217m, up 39pc.

Julio Bruno, chief executive, said: ‘I am excited about the year ahead as we capitalise on the substantial progress made.’