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Time Out to run food and drink markets in London and Porto

LONDON (Reuters) - Time Out, best known for its listings magazines, said on Tuesday it was close to setting up its own food and drink markets in London and Porto, after the British firm's first such venture attracted more than a million visitors in Lisbon.

Chief Executive Julio Bruno said revenue at Time Out Market Lisbon had more than doubled in the six months to the end of June, as 1.3 million visitors ate and drank at the collection of 24 hand-picked restaurants and eight bars at the site it runs.

Time Out takes a percentage of the revenue generated by each of the bars and restaurants in its hall, he said. The restaurants also contributed to fitting out the first site in Lisbon, but would not do so at the new sites.

Since listing in June, Time Out has sought to increase its revenue from e-commerce such as a partnership with ticketing site See Tickets and advertising on its website, as well as developing branded food halls, to compensate for lower print advertising income.

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"We are in very advanced discussions in London and Porto in Portugal, and we are also progressing very well with New York and Miami to open the next Time Out markets," he said after the group reported its first results since it raised 84 million pounds on London's AIM market in June.

Bruno said the Time Out Market site in London would be 20,000-30,00 square feet and have about 500 seats.

Time Out, which was launched as a magazine in London in 1968, reported a 16 percent rise in revenue on a pro forma basis to 16.6 million pounds for the six months to end-June.

Its adjusted core earnings loss on the same basis was 800,000 pounds less than previously, at 4.8 million pounds.

Time Out shares, which were sold at 150 pence in its IPO, were trading down 0.4 percent at 139.75 pence.

(Reporting by Paul Sandle; Editing by Alexander Smith)