REG - Ten Lifestyle Group - Corporate Client Developments

Ten LifestyleAnnouncement

14/06/2022 07:00

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RNS Number : 7261O  Ten Lifestyle Group PLC  14 June 2022

14 June 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Corporate Client Developments

 

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global
concierge platform for the world's wealthy and mass affluent provides the
following corporate client developments:

 

·    Secured a third contract with DNB Bank ASA ("DNB"), the largest
financial services group in Norway, to launch Ten's digital concierge services
to selected DNB SAGA customers. This new programme is expected to double the
size of the existing Medium contract(1).

 

·    Entered a second, three-year contract with a leading credit card
issuer in APAC, to launch Ten's concierge and lifestyle services, including
Ten's proprietary digital platform, to a new group of the client's High Net
Worth cardholders. This new programme is expected to expand the existing Large
contract and the extra member activity will further strengthen Ten's buying
power in APAC to improve the efficiency and quality of Ten's service in the
region.

 

·    Won contracts with a multi-national firm and an international
technology business to launch Ten's digitally enabled concierge and lifestyle
services as an employee loyalty programme, aimed at improving staff retention,
acquisition and productivity. These Small contracts have the potential to grow
by expanding into new regions where Ten is already established and marks Ten's
return to growth in the employee concierge vertical.

 

These developments, which are incorporated within the Group's existing growth
plan, are expected to launch by the end of this financial year (31 August
2022) and are expected to further increase the monthly request numbers and Net
Revenue(2), which remains above pre-COVID levels (H1 2020: £ 23.8m).

 

Ten maintains its recent record of retaining 100% of its Material contracts.

 

 

(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".

 

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

 

 

- 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

 Edward Knight

 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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