Time Out reports £3.1m pre-tax loss

Pre-tax losses at Time Out Group rose to £3.1m in 2008 on turnover up 13.6 per cent to £29.4m, the Evening Standard reports.

Although print circulation of the flagship weekly London listings magazine has been down, the website attracts 1.8m unique users a month – the group said in its annual accounts.

Founder Tony Elliott told the Standard that he has invested £3m to keep the group solvent.

Despite the pre-tax loss, Time Out made operating profit of £343,000 before exceptional items.

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