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Tue 26th Jul 2016 - Update: Time Out Group, Fever-Tree, Easyhotel and Richoux Group
Time Out Group reports 106% sales growth at food market division: Time Out Group, the multi-platform media and e-commerce business that plans to develop food and cultural markets around the world, has reported a 106% increase in sales at its Time Out Market division, which is for now focused on a site in Lisbon, in the six months to 30 June 2016. On admission to trading on AIM in June 2016, the Group raised £90 million, which after fees and debt repayment generated net proceeds of £59 million. These funds will be used to accelerate the group’s growth plans to scale and further monetise its platforms focusing on digital advertising, e-commerce and Time Out Market. Digital revenue growth of 33% was offset by an expected small decline in revenues from print operations of 2%. Within digital revenues, advertising grew by 24%, Premium Profiles by 54% and e-commerce by 49% compared to the prior year. As part of the admission process, the Group acquired for shares Time Out Market Limited, the holding company of the Time Out Market in Lisbon. The interim financial statements will therefore include the results of Time Out Market Limited for the 17 days to 30 June 2016. The Group expects to report its maiden interim results for the six months to 30 June 2016 on Tuesday 27 September 2016. Julio Bruno, chief executive of Time Out Group, stated: “Time Out has traded well through the first six months of 2016 with good growth in our key development areas of digital, e-commerce and Premium Profiles. Time Out Market in Lisbon has also had an excellent start to the year demonstrating the potential of the format, which we plan to replicate in other great cities. The recent IPO supports the next chapter of our development, providing funding for investment in the Group’s digital, e-commerce and Market businesses.”

Fever-Tree reports sales up 69% to £40.6m in First Half: Fever-Tree, the supplier of premium carbonated mixers, has reported sales up 69% to £40.6m (H1 2015: £24.1m) in the Half Year ended 30 June. Gross margin was 54.8% (H1 2015: 50.5%) and adjusted Ebitda was up 72% to £12.4m (H1 2015: £7.2m). Operational highlights included a particularly notable performance within UK Off-Trade complemented by the addition of new distribution in the period. New importers have been appointed in Spain and Netherlands to position Group for next stage of growth in those territories. Tim Warrillow, chief executive of Fever-Tree, said: “We are delighted to report that the Group’s strong performance throughout 2015 has continued into the first half of 2016. Growth has continued to come from all of our regions as evidenced by further distribution gains in both the On and Off-Trade, as well as continued underlying sales growth. We have made excellent progress in developing the optimum infrastructure, relationships and team to capitalise on the strength of our brand and market leading position as the trend for premium spirits continues to gather momentum across all our key geographies.” Fever-Tree will be hosting a pop-up G&T bar located in the heart of the City at Broadgate’s Finsbury Avenue Square by Liverpool Street Station today between 12.00 and 22.30. There will be a range of G&Ts to choose from, with Fever-Tree’s portfolio of mixers and tonics paired with premium spirits.

Easyhotel reports new Germany franchise deal: Easyhotel, the owner, developer, operator and franchisor of “super budget” branded hotels, has reported a new franchise hotel is under development in Bernkastel-Kues, Germany, which will add a further 100 rooms to the estate by the end of December 2017. Bernkastel-Kues, one of Germany’s most popular tourist destinations, is a state-recognised health resort set amongst historical vineyards. The town accommodates on average 2.7 million guest-nights per year and is only 20 minutes from Frankfurt Hahn Airport. The building was previously used as a textiles factory and will be converted into a 100 room hotel, which is expected to open by the end of 2017. The hotel in Bernkastel-Kues is owned by Luxembourg-based Nece S.à.r.l. This agreement brings the total number of rooms under development by Easyhotel franchisees to 737. Guy Parsons, chief executive, said: “We are delighted to be working with a new partner to increase the Easyhotel network and enhance brand awareness. Bernkastel-Kues is one of Germany’s most popular historical wine towns, attracting large numbers of tourists every year. We continue to believe there is significant opportunity for further franchise hotels expansion in Europe and the Middle East, enabling us to leverage our brand presence without direct capital investment.”

Richoux Group opens eighth Villagio: Richoux Group, led by Ed Standring, has opened its eighth Villagio site, this time located on St Peters Street in Canterbury. It was originally two sites (Istanbul Turkish restaurant and a small A1 cafe) which has been redeveloped into a two floor Villagio Ristorante & Bar. Standring said: “This was the third opening of the year for Richoux Group following on from Deans Diner Orpington in the Walnuts Shopping centre and Deans Diner Yate at the new leisure complex at Yate Riverside.”

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