REG - Ten Lifestyle Group - Full Year Trading Update and Notice of Results

Ten LifestyleAnnouncement

22/09/2022 07:00

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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 Revenue(1) 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 EBITDA(2) 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
investorrelations@tengroup.com.

 

(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.

 

- End -

 

For further information please visit www.tenlifestylegroup.com
(http://www.tenlifestylegroup.com) or call:

 

 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) ('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
(http://www.tenlifestylegroup.com/) .

 

 

 

 

 

 

 

 

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