Full Year Trading Update and Notice of Results

RNS Number : 2274A

Ten Lifestyle Group PLC

22 September 2022

 

22 September 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Full Year Trading Update and Notice of Results

Ten Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for global financial institutions and other premium brands, is pleased to announce a trading update ahead of announcing its preliminary results for the year ended 31 August 2022.

The Group expects to report Net Revenue¹ of c.£46.8m, 35% above prior year (FY 2021: £34.7m) and ahead of market expectations of £45m.

In the second half of the year, Net Revenue was c.£26m, a record for Ten, and c.45% up on the second half of the prior year, with sequential growth from the third to the fourth quarter.

Adjusted EBITDA² is expected to be ahead of the prior year (FY 2021: £4.4m) and in line with market expectations of £5m. 

Adjusted EBITDA was c.£0.9m in the first half of the year, due to the adverse effects of Omicron, but improved significantly in the second half of the year; in line with the Board's expectations.

The Group ended the financial year with a cash position of £6.8m, with net cash at £3.3m, in line with market expectations. In the last quarter, the Group raised additional long-term debt of £2m, in order to provide a prudent level of working capital to support organic revenue growth and a number of anticipated new contract launches in FY 2023.

The Group has continued its investment in technology throughout the year to drive improvements in service levels, efficiencies and Ten's competitive advantage.

Notice of Results

The Group expects to announce its preliminary results, for the year ended 31 August 2022, on 23 November 2022.

The Group will be hosting an analyst presentation to accompany its preliminary results at 9am on 23 November 2022.

The Group will also be presenting an Investor Webinar for current and prospective investors at 5:30pm on 30 November 2022.

If you would like to attend either event, please email [e-mail].

¹  Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Group.

²  Adjusted EBITDA is operating profit/(loss) before interest, taxation, depreciation, amortisation, share-based payments and exceptional items.

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For further information please visit www.tenlifestylegroup.com or call:

Ten Lifestyle Group plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	[phone]
Peel Hunt LLP, Nominated Advisor and Broker Paul Gillam James Smith	[phone]

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc ('Ten') partners with global financial institutions and other premium brands to attract and retain wealthy and mass affluent customers.

Millions of members have access to Ten's services across lifestyle, travel, dining, entertainment and retail benefits on behalf of over fifty clients including HSBC, Coutts, Morgan Stanley and Royal Bank of Canada. Ten's partnerships are based on multi-year contracts generating revenue through platform-as-a-service and technology fees.

Ten's operations are underpinned by an increasingly sophisticated personalisation platform comprising industry-first, proprietary technology, thousands of supplier relationships and 25 years of proprietary expertise delivered from 22 global offices.

Ten is on a mission to become the most trusted service platform in the world. 

For further information please go to: www.tenlifestylegroup.com.

 

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