REG - Ten Lifestyle Group - Contract

Ten LifestyleAnnouncement

09/08/2022 07:00

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RNS Number : 3317V  Ten Lifestyle Group PLC  09 August 2022

9 August 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Tens is Awarded Technology Development Projects

 

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global
concierge platform for the world's wealthy and mass affluent announces that it
has been awarded significant technology development projects with two existing
clients to enhance Ten's technology for the benefit of their valued customers:

 

·    The first project, for an existing major global client, will develop
and enhance Ten's proprietary digital platforms with the objective of
increasing user engagement of its cardholders in the Americas. This is
expected to help grow this existing Medium(1) contract. The fee specific to
this project is the equivalent of a Medium contract in the new financial year
(FY 2023).

 

·    The second project, with another existing major global client, will
enhance the communication integration of Ten's proprietary digital platforms
and user experience, under the existing Extra Large contract. The fee specific
to this project is the equivalent of a Small contract in the new financial
year (FY 2023).

 

These developments are incorporated within the Group's existing growth plan.

 

 

Alex Cheatle, CEO of Ten Lifestyle Group, said;

 

"We have seen increased demand, particularly from our larger, more mature,
corporate clients, to work with our in-house product and development teams to
enhance Ten's existing technology to create differentiation suited to their
customer base.

 

These paid-for development projects are targeted to increase the engagement
and satisfaction of the client's users, which benefits both the corporate
client and Ten; underpinning the return on investment for both parties."

 

 

(1) Ten categorises its corporate client contracts based on the annualised
value paid, or expected to be paid, by the corporate client for the provision
of concierge and related services by Ten as: Small contracts (below £0.25m);
Medium contracts (between £0.25m and £2m); Large contracts (between £2m and
£5m); and Extra Large contracts (over £5m). This does not include the
revenue generated from suppliers through the provision of concierge services.
Medium, Large and Extra Large contracts are collectively Ten's "Material
Contracts".

 

 

- End -

 

 

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

 

 Ten Lifestyle Group Plc                       +44 (0)20 7850 2796

 Alex Cheatle, Chief Executive Officer

 Alan Donald, Chief Financial Officer

 Peel Hunt LLP, Nominated Advisor and Broker   +44 (0) 20 7418 8900

 Paul Gillam

 James Smith

 

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc (http://www.tenlifestylegroup.com)  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
(http://www.tenlifestylegroup.com/) .

 

 

 

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