Trading Update and Notice of Half-Year Results

RNS Number : 6116D

Ten Lifestyle Group PLC

04 March 2022

 

4 March 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Trading Update and Notice of Half-Year Results

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent provides a Trading Update and notice of its half-year results for the six months ended 28 February 2022.

Trading update

Net Revenue¹for FY22 remains in line with the Board's expectations, with the negative effects of Omicron in the second half of H1 expected to be mitigated by new wins launching in H2 and recovery on existing contracts as the pandemic eases in each region.

During a period of strong recovery in the Autumn, additional staff were hired. However, the impact of Omicron has resulted in reduced member requests since December. We have retained this additional headcount to support new contract launches and the expected recovery of existing contracts. The Board now expects the Adjusted EBITDA² outturn for FY22 to be below expectations but with growth still expected on the prior year (FY21: £4.4m).

We have started to see an increase in activity again in February 2022 in EMEA, where Omicron first impacted in late November.

The Board expects the new contract wins secured during H1 to increase revenue and profitability in line with its expectations for FY23, which remain unchanged.  We continue to enjoy a healthy pipeline of new business and high conversion rates.

Net Cash was c.£4.7m at end of February 2022 (FY21: £6.7m).

The effects of the conflict between Russia and Ukraine on the business is currently expected to be limited as only c. 1-2% of the Group's annual Net Revenue relates to Russia and the directly affected region.

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

²  Adjusted EBITDA is post-IFRS16 and is operating profit/(loss)/ before interest, taxation, amortisation, share-based payments and exceptional costs.

Notice of Interim Results

The Group expects to announce its half year results on Wednesday 11 May 2022, where further details will be provided. An online Analyst Presentation will be held by video link at 9:00am the same day.

The Group will also be presenting an Investor Webinar on Thursday 12 May 2022 at 5:30pm GMT. The presentation is open to all existing and potential shareholders.

To attend either the Analyst Presentation or the Investor Webinar, please email [e-mail].

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For further information, please visit https://www.tenlifestylegroup.com/ or contact:

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

THE PERSON RESPONSIBLE FOR ARRANGING FOR THE RELEASE OF THIS ANNOUCEMENT ON BEHALF OF THE COMPANY IS KEZIAH WATT, COMPANY SECRETARY.

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc  is a leading technology-enabled, global concierge platform, helping wealthy and mass affluent individuals and their families to discover, organise, and enjoy dining, live entertainment, travel and premium retail (and other relevant services) with better results and more quickly than they could themselves.

Underpinned by industry-first technology, Ten provides its trusted concierge services to millions of members, in over 15 languages, 24/7, 365 days a year, wherever they are in the world. Founded in 1998, the business listed on the AIM market of the London Stock Exchange in November 2017 (AIM: TENG).

The growth engine at the heart of Ten's business model is the driving force behind its progress towards its objective to become the most trusted service platform in the world.

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

 

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