OCI continues to support the Time Out management team on the execution of their growth strategy and transformation of the EBITDA profitability of the group. In October 2024, Time Out successfully placed 16 million new Ordinary Shares, raising gross proceeds of £8.4 million. The proceeds will be used to support the expansion of Time Out Market via two new owned and operated Markets in top-tier world cities, as well as investing in technology developments.

Time Out is planning to open a new Market in London, the city where the brand was first launched over 50 years ago. The Market will be in excess of 20,000 sq ft in an area with high footfall from both locals and tourists. The second Market will be a smaller, second food hall in New York which is targeted to open in Summer 2025.

In 2024, the business performance of Time Out continued to improve, delivering strong EBITDA growth for both Media and Markets in the preliminary results announced for the 12 months ended 30 June 2024. Adjusted EBITDA increased by 134% to £12.4 million and the group broke even on operations. The portfolio of open Markets grew to nine with two opening in the year: Porto in May 2024 and Barcelona in July 2024.

Post-period end, Time Out announced the details of a new convertible loan facility to raise £5.0 million from other related party investors, to provide some additional growth capital support following softer trading in the Media business.

See: Update on Time Out's performance

North Sails performed well in 2024, delivering revenue and EBITDA growth of 18% and 25% respectively, supported by healthy order volumes, strengthening gross margins and significant trading momentum from the America's Cup. During the year, North Sails completed the strategic acquisitions of Quantum Sails and Doyle Sails, two world-leading designers and manufacturers of high-performance sailing products.

Following the conversion of OCI’s direct debt stake in North Sails into preferred equity in 2023, and in response to positive trading momentum by the action sports business, OCI converted $107 million of its preferred equity position into ordinary equity in the final quarter of 2024, to allow OCI to better participate in the future returns of the business.

Following the conversion, OCI continues to hold $77 million in preferred equity, which attracts a coupon of 5% from 1 January 2025, and provides a pathway to liquidity. Along with a warrant over 2% of North Sails' ordinary equity, which was prorated down from 5% prior to the conversion, and which will now mature on 30 June 2026. OCI retains a further €64 million indirect position in North Sails via its equity in Fund II.

See: Update on North Sails' performance