REG - Ten Lifestyle Group - Interim results for the 6 months ended 28 Feb 2026
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RNS Number : 3898B Ten Lifestyle Group PLC 22 April 2026
22 April 2026
Ten Lifestyle Group plc
("Ten", the "Company" or the "Group")
Interim results for the six months ended 28 February 2026
· Net Revenue up 6% on PY, 9% at constant currency
· Adj. EBITDA up 16% on PY, 28% at constant currency
· Active Members up 23% on PY
Ten Lifestyle Group plc (AIM: TENG), a leading global customer experience and
loyalty platform for financial institutions and other premium brands,
announces its interim results for the six months ended 28 February 2026 ("H1
2026").
Financial highlights
· Net Revenue(1) up 6% on the first half of the prior year to £33.7m
(H1 2025: £31.8m), up 9% at constant currency(2) to £34.6m
o corporate revenue(3) of £29.2m (H1 2025: £28.0m)
o supplier revenue(4) of £4.5m (H1 2025: £3.8m)
· Adjusted EBITDA(5) up £1.0m on the first half of prior year to
£7.0m (H1 2025: £6.0m), up 28% at constant currency to £7.7m
· Adjusted EBITDA margin(6) increased to 20.7% (H1 2025: 18.9%);
reflecting operational leverage
· Adjusted Profit before tax(7) up £0.6m on the first half of prior
year to £1.6m (H1 2025: £1.0m)
· Net cash of £9.3m (H1 2025: £6.8m, FY 2025: £9.7m); closed the
period with no long-term debt, having repaid the remaining £0.8m of loan
notes, and with a £5.0m Revolving Credit Facility available to support
short-term working capital, with any drawdowns repaid in full
Operational highlights
· 23% increase in Active Members(8) to 436k (H1 2025: 354k), led by
higher engagement with the digital platform
· Digital transformation continues, with increase in Net Revenue per FTE
up 11% and operating expenses per request down by 9%
· Launched the Ten Digital Platform with a leading UK bank under an
existing Large(9) contract and a digitally enabled concierge contract with a
leading global technology company
· Strong contract momentum winning a Medium fully digital contract in
Europe with an existing corporate banking client and a new digitally enabled
Large contract in AMEA, both expected to launch in H2 2026
· 62% of members said that Ten's concierge service was a strong or
decisive factor in staying with their sponsoring brand, demonstrating Ten's
impact on client loyalty(10)
· £6.3m (H1 2025: £6.6m) total investment in proprietary digital
platforms, communications, and technologies, of which £3.4m (H1 2025: £3.2m)
was capitalised
o initial roll out of Talia, Ten's AI-powered member assistant, enabling
end-to-end dining bookings over chat
o accelerated the Ten MAID enhancements and scaled Ten Copilot to improve
speed, efficiency and service quality of Ten's high-touch "Lifestyle Manager"
service
o broadened the application of Ten PX, to deliver hyper-personalisation,
unlocking first-time users of the platform and active member growth
o advanced data and reporting transformation, enriching the quality of
client and internal reporting with deeper customer engagement and digital
behaviours insights
CURRENT TRADING AND OUTLOOK
Trading since the period end has been in line with the Board's expectations
for FY 2026(11). The Group has continued to convert its healthy pipeline of
financial institutions and other premium brands. Recent developments include a
new digital customer loyalty Medium contract in the Americas with an existing
global corporate client and an agreed launch of the Ten Digital Platform under
an existing Large contract in Japan. This continues the digital contract
momentum seen during the period and reflects the increasing effectiveness and
differentiation of Ten's technology, underpinning the Board's confidence in
achieving profitable growth, in line with market expectations, for FY 2026.
The contracts won during and after the period end, which are expected to
launch in H2 2026, are expected to support growth into FY 2027. As a result,
the Board now expects FY 2027 revenue and adjusted EBITDA to be ahead of
current market forecasts.
The Board monitors global macroeconomic and geopolitical developments,
including the conflict in the Middle East, which has had limited impact on
Ten's core service categories in the region. The Group remains diversified by
client, segment and geography.
The Group remains focused on profitable, cash-generative growth while
continuing to execute against its digital roadmap.
Alex Cheatle, CEO of Ten Lifestyle Group, said;
"We are pleased to report continued profitable growth and record numbers of
affluent people using our service. By maintaining our investment in
technology, we are strengthening our market position, supporting contract wins
and improving efficiency and service quality. We are seeing strong demand
across our pipeline for our full range of services, from digitally enabled to
digital-first programmes. This supports further profitable growth."
Analyst Presentation
An online Analyst Presentation will be held by video link today at 9:00am.
Investor Webinar
Additionally, an Investor Webinar tailored for current and prospective
investors will be presented on Tuesday 28 April 2026 at 4:30pm. This will
provide participants with detailed information about the Group's half-year
results and strategic initiatives and offer an opportunity to interact
directly with the leadership team.
If you wish to attend either the Analyst Presentation or the Investor Webinar,
kindly email investorrelations@tengroup.com
(mailto:investorrelations@tengroup.com) . This will ensure that you receive
the necessary details and access information for these events.
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
Singer Capital Markets Advisory LLP, Nominated Advisor and Broker +44 (0) 20 7496 3000
Corporate Finance: James Moat / Jalini Kalaravy
Corporate Broking: Charles Leigh-Pemberton
( )
(1) Net Revenue includes the direct cost of sales relating to certain member
transactions managed by the Group.
(2) Constant currency translates the current year results using the prior
year exchange rates.
(3) Corporate revenue is Net Revenue from Ten's corporate clients, including
service fees, implementation fees, and fees for the customisation of the Ten
Digital Platform.
(4) Supplier revenue is Net Revenue from Ten's supplier base, such as hotels,
airlines and event promoters which sometimes pay commission to Ten.
(5) Adjusted EBITDA is operating profit/(loss) before interest, taxation,
amortisation, depreciation, share-based payment expense, and exceptional
items.
(6) Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.
(7) Adjusted Profit before tax excludes exceptional items and foreign
exchange losses.
(8) Individuals holding an eligible product, employment, account or card with
one of Ten's corporate clients are "Eligible Members", with access to Ten's
platform, configured under the relevant corporate client's programme, with
Eligible Members who have used the platform in the past twelve months becoming
"Active Members".
(9) 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.
(10) Based on Ten's H1 2026 global Voice of the Customer (VoC) survey, in
which 62% of members surveyed, across all schemes, have indicated that
concierge plays a strong/decisive role in continuing to use their sponsoring
brand's services.
(11) The Company understands that as at 21 April 2026, market expectations
for FY 2026 were revenues of £73.0m and Adj. EBITDA of £15.5m.
OPERATING AND FINANCIAL REVIEW
CHIEF EXECUTIVE'S STATEMENT
We delivered a strong first half of the year, with continued profitable growth
and record member engagement, supported by sustained investment in our leading
customer experience platform, technology and overall proposition. Our priority
is to deliver "better than the internet / LLM" results for our members, while
enhancing efficiency, scalability and service quality. This investment
strengthens our competitive position, enhances the member experience and
broadens the relevance of our proposition for clients.
We continue to convert our robust pipeline of contract opportunities with
global financial institutions and premium brands, as well as developing
existing client relationships. All material contract developments during the
period were fully digital or digitally enabled, including the launch of the
Ten Digital Platform with a leading UK bank, a digitally enabled concierge
contract with a leading global technology company, and new fully digital or
digitally enabled contract wins. These new contracts are expected to launch in
H2 2026 and support continued growth into FY 2027.
Net Revenue for the period was £33.7m, up 6% on the first half of the prior
year (H1 2025: £31.8m) and up 9% at constant currency to £34.6m, with
corporate revenue of £29.2m, up 4% on the first half of the prior year (H1
2025: £28.0m), and supplier revenue of £4.5m, up 18% on the first half of
the prior year (H1 2025: £3.8m). The number of Active Members increased by
23% to 436k, led by higher engagement with the digital platform. This
continued digital transformation contributed to an 11% increase in Net Revenue
per FTE and a 9% reduction in operating expenses per member request.
Adjusted EBITDA increased by £1.0m on the first half of the prior year to
£7.0m (H1 2025: £6.0m), up 28% at constant currency. Adjusted EBITDA margin
increased to 20.7% (H1 2025: 18.9%), reflecting enhanced operational
performance and the operational leverage of Ten's Growth Engine(12). Adjusted
Profit before tax (excluding exceptional costs and FX losses) was £1.6m (H1
2025: £1.0m).
At the end of the period, net cash was £9.3m (H1 2025: £6.8m, FY 2025:
£9.7m). At the beginning of the period, the Group repaid the remaining £0.8m
of loan notes and secured a £5.0m Revolving Credit Facility with NatWest,
providing flexibility and reduced financing costs.
Delivering improved Adjusted EBITDA and improving the net cash position,
whilst maintaining investments in technology, are key performance indicators
of the Group's strategic Growth Engine.
Corporate client developments
H1 2026 FY 2025 H1 2025
Contract By Size
Extra Large 4 4 4
Large 8 7 6
Medium 19 20 21
31 31 31
Contract developments during the period reflected the increasing importance of
our digital and digitally enabled customer loyalty proposition to corporate
clients. These included the launch of the Ten Digital Platform with a leading
UK bank under an existing Large contract and the launch of a digitally enabled
concierge contract with a leading global technology company, representing an
expansion into a new mass affluent customer segment. This reflects growing
demand for scalable digital-first programmes in segments where a traditional
high-touch model is less relevant, while Ten's digitally enabled proposition
continues to strengthen service delivery in higher-value segments.
During the period, we also won a new multi-year contract to roll out a fully
digital programme for around one million premium banking clients in Europe
with an existing corporate client. We also won a new multi-year digitally
enabled Large contract for High and Ultra High Net Worth customers of a
leading financial services provider in AMEA, where a majority of service will
be delivered by our Lifestyle Managers, enhanced by Ten's technology and
supplier integrations. We also saw a Medium contract transition away during
the period.
Since the end of the period, the Group has continued to convert its pipeline,
with a new digital customer loyalty Medium contract in the Americas with an
existing global corporate client and the agreed launch of the Ten Digital
Platform under an existing Large contract in Japan.
These developments reflect the way our proposition is evolving across both new
and existing client relationships. We are seeing growing demand for
digital-first and digitally enabled programmes that help clients improve
customer engagement and loyalty, while extending our reach across different
value segments and use cases. Importantly, we see these capabilities as
complementary to our high-touch service, with our Lifestyle Managers remaining
central to the member experience, particularly for high and very high value
segments and more complex requests, as digital broadens reach, deepens
engagement and supports more scalable delivery.
We remain confident in the strength and depth of our corporate client
relationships. Recent contract activity shows that clients are increasingly
adopting our digital platforms to serve a broader range of customer segments
and deepen engagement within existing programmes. With a healthy pipeline of
opportunities and the new contracts won during the period expected to launch
in H2 2026, we believe this momentum supports growth into FY 2027.
Investments in AI-driven technology and our digital platform are improving
efficiency, scalability and service quality
We maintained investment levels during the period, with £6.3m (H1 2025:
£6.6m) invested in proprietary digital platforms, communications and
technologies, of which £3.4m (H1 2025: £3.2m) was capitalised. We continue
to prioritise developing Ten's proprietary technology and AI systems;
embedding them into core processes, including request management, quality
assurance and personalisation, supported by our digital platform and
third-party API integrations. Together, these capabilities improve speed,
accuracy and personalisation across service channels, increase workflow
efficiency and optimise the cost-to-serve model, supporting service
performance and margin, reinforcing Ten's competitive moat and "better than
the internet / LLM" results, and helping corporate clients attract, retain and
engage their most valuable customers.
During the period, we progressed key product initiatives. We began the roll
out of Talia, Ten's AI-powered member assistant built on the Ten Platform,
enabling members to research and book restaurants over chat channels, while
routing more complex requests to expert Lifestyle Managers. We accelerated
enhancements to Ten MAID, our internal customer and request management system,
strengthening high-touch productivity, service quality and operational
efficiency, and scaled Ten Copilot, the agent assistant within Ten MAID, to
improve speed and consistency for Lifestyle Managers. In parallel, we
broadened the application of Ten PX, our member engagement platform that uses
data to deliver hyper-personalised, real-time, cross-channel communications to
drive engagement and loyalty, unlocking first-time platform usage and Active
Member growth. We also progressed our data and reporting transformation,
improving the quality of client and internal reporting, deepening insight
into customer engagement and digital behaviours.
Operational efficiency also benefited from system enhancements and automation,
supported by improved response-time dashboards and stronger coaching
disciplines. We are taking targeted regional action to address response-time
and third-party fulfilment bottlenecks.
Our technology and service proposition continues to deliver measurable value
for clients. In H1 2026, over 60% of members said that Ten's concierge service
was a strong or decisive factor in staying with their sponsoring brand,
demonstrating Ten's impact on customer loyalty.
As a certified B Corp, we focus on building a sustainable business. During the
period, we broadened the range of responsible options available through our
partner network across key lifestyle categories, giving members more choice
while supporting corporate clients' ESG objectives and helping underpin
investment in their programmes.
(12) Watch a video explaining Ten's Growth Engine -
https://tenlifestylegroup.com/investors/
(https://tenlifestylegroup.com/investors/)
FINANCIAL REVIEW
Financial review of unaudited interim results for the six months ended 28
February 2026.
Results
£m H1 2026 H1 2025
£m £m
Revenue 36.0 34.1
Net Revenue 33.7 31.8
Operating expenses and other income (26.7) (25.8)
Adjusted EBITDA 7.0 6.0
Adjusted EBITDA % 20.7% 18.9%
Depreciation (1.6) (1.4)
Amortisation (3.0) (2.9)
Share based payments (0.3) (0.2)
Exceptional items charge (0.5) -
Operating profit before interest and tax 1.6 1.5
Net finance expense and foreign exchange (1.4) (0.4)
Profit before taxation 0.2 1.1
Taxation (0.1) (0.0)
Profit for the period 0.1 1.1
Revenue
Revenue for the period was £36.0m, up 6% on the first half of the prior year
(H1 2025: £34.1m). Net Revenue (which is our key revenue measure) for the
period was £33.7m, up 6% on the first half of the prior year (H1 2025:
£31.8m) and up 9% at constant currency to £34.6m.
Corporate revenue for the period was £29.2m, up 4% on the first half of the
prior year (H1 2025: £28.0m) and up 8% at constant currency. Supplier revenue
(predominantly travel related) was £4.5m, up 18% on the first half of the
prior year (H1 2025: £3.8m).
The Group's continued digital transformation contributed to an 11% increase in
Net Revenue per FTE.
Operating expenses & other income excluding depreciation, amortisation,
share based payments and exceptional items
Operating expenses and other income for the period was £26.7m, up £0.9m (3%)
on the first half of the prior year (H1 2025: £25.8m). We delivered
operational efficiencies through further digital transformation of the
business with operating expenses per request reducing by 9%. In addition, we
continued to invest in our proposition to drive greater engagement which has
grown Active Members by 23% to 436k (H1 2025: 354k).
Adjusted EBITDA
Adjusted EBITDA, as reported, takes into account all Group operating costs,
other than depreciation of £1.6m (H1 2025: £1.4m), amortisation
of £3.0m (H1 2025: £2.9m), share-based payment expenses of £0.3m (H1
2025: £0.2m) and exceptional items of £0.5m (2025: Nil).
Adjusted EBITDA of £7.0m, up £1.0m (16%) on the first half of the prior year
(H1 2025: £6.0m) and up 28% at constant currency. EBITDA margin increased
to 20.7% when compared to the first half of the prior year (H1 2025: 18.9%).
Depreciation increased by £0.2m due to ROUA lease increases, while
amortisation increased by £0.1m, reflecting our maintained investment in
technology.
Profit before tax
Profit before tax reported for the period was £0.2m, down on the first half
of the prior year (H1 2025: £1.1m). A better underlying performance measure
is Adjusted Profit before tax which was £1.6m (2025: £1.0m). This measure
excludes exceptional items of £0.5m (2025: Nil) relating to restructuring
costs, and losses on foreign exchange of £0.8m (2025: gain of £0.1m).
Regional performance
Segmental Net Revenue reporting reflects our servicing location rather than
the location of our corporate clients. This allows us to understand and track
the efficiency and profitability of our operations around the world.
Net Revenue H1 2026 H1 2025 % change
£m £m
Europe 13.3 12.3 8.3%
Americas 11.7 12.3 (5.1)%
AMEA 8.7 7.2 21.0%
33.7 31.8 6.0%
After fully allocating our indirect central costs including central costs,
including IT infrastructure, software development, property, senior
management, and other central expenses across the regions, the Adjusted EBITDA
profitability of each regional segment is:
Adjusted EBITDA H1 2026 H1 2025
£m £m
Europe 4.1 4.0
Americas 0.5 0.2
AMEA 2.4 1.8
7.0 6.0
Adjusted EBITDA margin 20.7% 18.9%
EUROPE
Net Revenue in the region increased by 8.3% to £13.3m (H1 2025: £12.3m) and
7.8% at constant currency. Adjusted EBITDA of £4.1m has increased modestly
(H1 2025: £4.0m) as we invested in our proposition to drive Active Members as
well as our travel operations which has driven Supplier Revenue.
AMERICAS
Net Revenue in the region of £11.7m fell by 5.1% compared to the first half
of the prior year (H1 2025: £12.3m) and fell by 1% at constant currency. The
decrease was partly driven by FX, the transition away of a Medium contract
loss, and investment in an existing contract, whereby revenue is lower in the
period to achieve higher anticipated growth in the second half of the year.
Adjusted EBITDA of £0.5m was up on the first half of the prior year (H1 2025:
£0.2m) by £0.3m.
AMEA
Net Revenue in the region increased by 21% to £8.7m (H1 2025: £7.2m) and 26%
at constant currency. This generated an Adjusted EBITDA of £2.4m (H1 2025:
£1.8m). This growth in Net Revenue and profitability has been driven by
strong base business growth, as well as continued operational efficiencies
across the region.
Cash flow
H1 2026 H1 2025
£m £m
Profit before tax 0.2 1.1
Net finance expense 1.4 0.4
Working capital changes (1.1) (3.7)
Non-cash items (share-based payments, depreciation and amortisation charges, 4.6 4.5
exceptional items)
Operating cash flow 5.1 2.3
Capital expenditure (0.3) (0.4)
Investment in intangibles (3.4) (3.2)
Taxation paid (0.1) (0.1)
Cash inflow/(outflow) 1.3 (1.4)
Cash flows from financing activities
Receipts from issue of share capital - 5.7
Loan repayments (0.9) (1.5)
Invoice financing facility - 0.4
Interest on loan paid (0.1) (0.2)
Repayment of leases and net interest (1.6) (1.2)
Net cash (used)/from financing activities (2.6) 3.2
Foreign currency movements - 0.1
Net (decrease)/increase in cash and cash equivalents (1.3) 1.9
Cash and cash equivalents at end of period 9.3 11.2
Net cash at end of period 9.3 6.8
Operating cash flow of £5.1m increased by £2.8m on the first half of the
prior year (H1 2025: £2.3m), reflecting a profit before tax of £0.2m (H1
2025: £1.1m), decreased net working capital of £1.1m (H1 2025: £3.7m), and
add back of non-cash items of £4.6m (H1 2025: £4.5m).
Additionally, during the period, there was £3.4m (H1 2025: £3.2m) of capital
investment, in both our global content, our internal customer and request
management system (Ten MAID) and the development of our digital platform and
AI capabilities.
All outstanding loans of £0.9m were repaid during the period, and the invoice
financing facility was terminated during the period (H1 2025: £0.4m). During
the period, the full RCF drawdowns were repaid in full. Net cash of £9.3m was
£2.5m ahead of the prior period (H1 2025: £6.8m).
Balance sheet H1 2026 FY 2025
£'m £'m
Intangible assets 17.2 16.7
Property, plant and equipment 1.0 0.9
Right-of-use assets 7.7 7.8
Deferred tax asset 4.9 4.7
Cash 9.3 10.6
Other current assets 12.3 14.2
Current lease liabilities (2.0) (1.8)
Current liabilities (17.0) (19.0)
Short term borrowings - (0.9)
Non-current lease liabilities (6.3) (6.5)
Long-term borrowings - -
Net assets 27.1 26.7
Share capital/share premium 38.2 38.2
Reserves (11.1) (11.5)
Total equity 27.1 26.7
Net assets increased to £27.1m at 28 February 2026 compared to £26.7m at 31
August 2025 and includes net cash of £9.3m.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Group remain broadly
consistent with the Principal Risks and Uncertainties reported in Ten's 2025
Annual Report with no new risks or uncertainties being identified in the
period. The Board continues to monitor the potential impact of geopolitical
developments, including the conflict in the Middle East, and developments in
AI and digital technologies, including the pace and type of adoption across
our markets.
Alex Cheatle Alan Donald
Chief Executive Officer Chief Financial Officer
21 April 2026 21 April 2026
Consolidated statement of comprehensive income
Note 6 months to 28 Feb 2026 6 months to 28 Feb 2025
Unaudited Unaudited
£'000 £'000
Revenue 2 35,952 34,057
Cost of sales on principal member transactions (2,293) (2,285)
Net revenue 2 33,659 31,772
Other cost of sales (1,522) (964)
Gross profit 32,137 30,808
Administrative expenses (30,713) (29,571)
Other income 173 226
Operating profit before amortisation, depreciation, interest, share based 6,963 5,999
payments, exceptional items and taxation ("Adjusted EBITDA")
Depreciation (1,578) (1,374)
Amortisation 3 (2,994) (2,914)
Share-based payment expense (258) (248)
Exceptional Items (536) -
Operating profit 1,597 1,463
Net finance expense 4 (1,362) (333)
Profit before taxation 235 1,130
Taxation expense 5 (182) (68)
Profit for the period 53 1,062
Other comprehensive expense:
Foreign currency translation differences 107 (310)
Total comprehensive profit for the period 160 752
Basic and diluted profit per ordinary share 6 0.1p 1.1p
Diluted profit per ordinary share 0.1p 1.1p
Basic underlying profit per ordinary share 0.4p 0.5p
Diluted underlying profit per ordinary share 0.4p 0.5p
The consolidated statement of comprehensive income has been prepared on the
basis that all operations are continuing operations.
Consolidated statement of financial position
Note 6 months to 28 Feb 2026 31 August 2025
Unaudited Audited
£'000 £'000
Non-current assets
Intangible assets 3 17,151 16,749
Property, plant and equipment 976 886
Right of use assets 7,723 7,762
Deferred tax asset 4,901 4,704
Total non-current assets 30,751 30,101
Current assets
Inventories 25 45
Trade and other receivables 12,251 14,063
Cash and cash equivalents 9,279 10,624
Total current assets 21,555 24,732
Total assets 52,306 54,833
Current liabilities
Trade and other payables (16,313) (18,457)
Provisions (598) (597)
Lease liabilities (2,013) (1,766)
Borrowings 7 - (854)
Total current liabilities (18,924) (21,674)
Net current assets/(liabilities) 2,631 3,058
Non-current liabilities
Lease liabilities (6,332) (6,475)
Borrowings 7 - -
Total non-current liabilities (6,332) (6,475)
Total liabilities (25,256) (28,149)
Net assets 27,050 26,684
Equity
Called up share capital 96 96
Share premium account 38,087 38,087
Merger relief reserve 1,993 1,993
Treasury reserve 606 606
Foreign exchange reserve (967) (1,074)
Retained deficit (12,765) (13,024)
Total equity 27,050 26,684
Consolidated statement of changes in equity
Called up share capital Share premium account Merger relief reserve Foreign exchange reserve Treasury Retained deficit Total
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 September 2024 87 32,389 1,993 (941) 606 (15,798) 18,336
Period ended 31 August 2025:
Profit for the year - - - - - 2,400 2,400
Foreign Exchange - - - (133) - - (133)
Total comprehensive income for the year - - - (133) - 2,400 2,267
Issue of new share capital 9 5,698 - - - - 5,707
Equity-settled share-based payments charge - - - - - 374
374
Balance at 31 August 2025 (Audited) 96 38,087 1,993 (1,074) 606 (13,024) 26,684
Profit for the period - - - - - 53 53
Foreign exchange - - - 107 - - 107
Total comprehensive income for the period - - - 107 - 53 160
Issue of new share capital - - - - - - -
Equity-settled share-based payments charge - - - - - 206 206
Balance at 28 February 2026 (Unaudited) 96 38,087 1,993 (967) 606 (12,765) 27,050
Condensed consolidated statement of cash flows
6 months to 28 Feb 2026 6 months to 28 Feb 2025
£'000 £'000
Cash flows from operating activities
Profit for the period, after tax 53 1,062
Adjustments for:
Taxation expense 182 68
Net finance expense 1,362 314
Amortisation of intangible assets 2,994 2,914
Depreciation of property, plant and equipment 241 255
Depreciation of right-of-use asset 1,337 1,119
Equity-settled share based payment expense 258 248
Movement in working capital:
Decrease/(Increase) in inventories 20 (231)
Decrease/(Increase) in trade and other receivables 1,812 (1,176)
Decrease in trade and other payables (2,952) (2,260)
Cash generated from operations 5,307 2,313
Tax paid (134) (119)
Net cash from operating activities 5,173 2,194
Cashflows from investing activities
Purchase of intangible assets (3,396) (3,213)
Purchase of property, plant and equipment (305) (383)
Finance income - 20
Net cash used by investing activities (3,701) (3,576)
Cash flows from financing activities
Lease Liability repayments (1,148) (927)
Loan (payments)/receipts - Invoice Discounting (31) 449
Interest paid (148) (232)
Interest paid on IFRS16 lease liabilities (383) (251)
Net Cash receipts from issue of share capital - 5,678
Loan Receipts - Loan Notes - -
Loan Payments - Loan Notes (854) (1,450)
Net cash (used by)/generated from financing activities (2,564) 3,267
Foreign currency cash and cash equivalents movements (4) 55
Net (decrease)/increase in cash and cash equivalents (1,096) 1,940
Cash and cash equivalents at beginning of period 10,375 9,264
Cash and cash equivalents at end of period
Cash at bank and in hand 9,279 11,204
Cash and cash equivalents 9,279 11,204
Notes to the Interim Financial Information
1. Basis of preparation
These interim consolidated financial statements have been prepared in
accordance with UK-adopted International Accounting Standards in conformity
with the requirements of the Companies Act 2006. These standards are based on
International Financial Reporting Standards (IFRS) and IFRIC Interpretations
issued by the International Accounting Standards Board (IASB), as adopted for
use in the United Kingdom. They do not include all disclosures that would
otherwise be required in a complete set of financial statements and should be
read in conjunction with the 31 August 2025 Annual Report. The financial
information for the half years ended 28 February 2026 and 28 February 2025
does not constitute statutory accounts within the meaning of Section 434 (3)
of the Companies Act 2006 and both periods are unaudited.
The annual financial statements of Ten Lifestyle Group plc ('the Group') are
prepared in accordance with International standards in conformity with the
requirements of the Companies Act 2006 ('IFRS') and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS (except as
otherwise stated). The comparative financial information for the year ended 31
August 2025 included within this report does not constitute the full statutory
Annual Report for that period. The statutory Annual Report and Financial
Statements for year ended 31 August 2025 have been filed with the Registrar of
Companies. The Independent Auditors' Report in the Annual Report and Financial
Statements for the year ended 31 August 2024 was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a statement
under 498(2)-(3) of the Companies Act 2006.
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its year ended 31
August 2025 annual financial statements. The Groups tax charge is not
accounted for under the same basis as IAS 34. The tax charge is calculated
using the expected effective tax rate at the reporting date. There are no new
standards effective yet and that would be expected to have a material impact
on the entity in the current period.
Going Concern
The ability of the Group to continue as a going concern is contingent on the
ongoing viability of the Group. The Group meets its day-to-day working capital
requirements through its cash balances and wider working capital management.
As 28 February 2026, the date of the interim consolidated financial
statements, the Group had net cash of £9.3m.
To evaluate the Group's ability to operate as a going concern, the Directors
have reviewed the cash flow forecasts covering a period of at least twelve
months from the date of approval of the interim consolidated financial
statements. The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance for the principal risks,
show that the Group expects to be able to operate as a going concern within
the level of its current cash resources.
The Directors have considered severe but plausible scenarios reflecting a
potential reduction in variable revenue of between 20% and 90% as well as the
potential failure to successfully renew contracts in the forecast periods. In
response, the Directors have identified cost savings available to the Group
should these scenarios arise such that the reduction in revenues would be
offset by necessary costs savings. Having assessed these scenarios, the Group
would be able to continue to operate with its existing working capital
facilities.
The Directors have evaluated the Groups ability to operate as a going concern
and has determined that it has adequate resources to continue in operational
existence for the foreseeable future. The Group's cash flow forecasts show
that it expects to be able to operate as a going concern within the level of
its current cash resources. The Group has also identified cost savings
available to it should it experience a reduction in revenue. The Group has
assessed the principal risks and other matters discussed in connection with
the going concern statement and has a reasonable expectation that it has
adequate resources to continue in operational existence for the foreseeable
future.
The Board of Directors approved this interim report on 22 April 2026.
2. Segmental Information
The total revenue for the Group has been derived from its principal activity;
the provision of concierge services.
6 months to 28 Feb 2026 6 months to 28 Feb 2025
(Unaudited) (Unaudited)
£'000 £'000
Europe 13,263 12,248
Americas 11,719 12,348
AMEA 8,677 7,176
Net revenue 33,659 31,772
Add back: Cost of sales on principal transactions 2,293 2,285
Revenue 35,952 34,057
Europe 4,026 4,062
Americas 500 150
AMEA 2,437 1,787
Adjusted EBITDA 6,963 5,999
Amortisation (2,994) (2,914)
Depreciation (1,578) (1,374)
Share-based payment expense (258) (248)
Exceptional Items (536) -
Operating profit 1,597 1,463
Other net finance expense (1,362) (333)
Profit before taxation 235 1,130
Taxation (182) (68)
Profit for the period 53 1,062
Net Revenue is a non-GAAP Company measure that includes the direct cost of
sales relating to member transactions managed by the Group, such as the cost
of airline tickets sold under the Group's ATOL licences. Net Revenue is the
measure of the Group's income on which segmental performance is measured.
Adjusted EBITDA is a non-GAAP Company specific measure excluding interest and
foreign exchange, taxation, amortisation, depreciation, share-based payment,
and exceptional costs. Adjusted EBITDA is the main measure of performance used
by the CEO, who is considered to be the chief operating decision maker.
Adjusted EBITDA is the principal operating metric for a segment.
The statement of financial position is not analysed between reporting
segments. Management and the chief operating decision maker consider the
statement of financial position at Group level.
3. Intangible Assets
The Group capitalised £3.4m (H1 2025: £3.2m, FY 2025: £6.7m) of costs
representing the development of Ten's global digital platform, Ten MAID (Ten's
proprietary customer and request management system) resulting in a net book
value of £17.2m (H1 2025: £16.6m, FY 2025: £16.7m) after an amortisation
charge of £3.0m (H1 2025: £2.9m, FY 2025: £6.1m).
4. Net finance expense
6 months to 28 Feb 2026 6 months to 28 Feb 2025
£'000 £'000
Losses/(gains) on foreign exchange 831 (145)
Interest on bank overdrafts and loans - 15
IFRS 16 interest charge 383 251
Loan interest 148 232
Interest income - (20)
1,362 333
5. Taxation
The income tax expense has been recognised based on the best estimate of the
weighted average annual effective UK corporation tax rate expected for the
full financial year. The income tax expense of £0.2m (H1 2025: £0.1m)
includes foreign taxes recognised by overseas Group companies on a
territory-by-territory basis using the expected effective tax rate for the
full year. The income tax charge includes historical losses recognised of
£0.2m (H1 2025: £0.6m, FY 2025: £0.3m).
6. Earnings Per Share
6 months to 28 Feb 2026 6 months to 28 Feb 2025
Basic EPS £'000 £'000
Profit attributable to equity shareholders of the parent 53 1,062
Weighted average number of ordinary shares in issue (net of treasury) 96,289,371 95,136,486
Basic profit per share (pence) 0.1p 1.1p
Basic profit per ordinary share
Basic profit per ordinary share is calculated by dividing the net result for
the period attributable to shareholders by the weighted number of ordinary
shares outstanding during the period (H1 2024: 0.0p)
6 months to 28 Feb 2026 6 months to 28 Feb 2025
Diluted EPS £'000 £'000
Profit attributable to equity shareholders of the parent 53 1,062
Weighted average number of ordinary shares in issue (net of treasury) 99,661,978 98,500,406
Basic profit per share (pence) 0.1p 1.1p
Diluted earnings per ordinary share
Diluted earnings per share is calculated as per IAS 33 by adjusting the
weighted average number of ordinary shares outstanding for the dilutive effect
of 'in the money' share options, which are the only dilutive potential common
shares for the Group. The net profit attributable to ordinary shareholders is
divided by the adjusted weighted average number of shares. 'Out of the money'
share options are excluded from the calculation as they are non-dilutive.
Where the Group has incurred a loss in the period, the diluted loss per share
is the same as the basic loss per share as the loss has an anti-dilutive
effect.
6 months to 28 Feb 2026 6 months to 28 Feb 2025
Underlying EPS £'000 £'000
Profit attributable to equity shareholders of the parent 53 1,062
Excluding Exceptional Items & Taxes
Exceptional Items 536 -
Recognition of historical tax losses (208) (591)
Underlying profit attributable to equity shareholders of the parent 381 471
Basic weighted average number of ordinary shares in issue (net of treasury) 96,289,371 95,136,486
Basic underlying profit per share (pence) 0.4p 0.5p
Diluted weighted average number of ordinary shares in issue (net of treasury) 99,661,978 98,500,406
Diluted underlying profit per share (pence) 0.4p 0.5p
Underlying earnings per ordinary share
Underlying earnings per share is calculated by adjusting the profit/(loss)
attributable to equity shareholders for exceptional items and associated taxes
along with non-underlying tax items such as deferred tax arising from the
recognition of historical losses. No changes are made to the weighted average
number of ordinary shares.
7. Borrowings
During the period, the Group repaid all outstanding borrowings of £0.86m.
To support the Group's short‐term working capital requirements, the Group
secured a three‐year £5.0m revolving credit facility (RCF) with NatWest.
This facility provides greater flexibility at a lower cost, and is more
closely aligned to the Group's needs than the loan notes and invoice financing
arrangement it replaces. During the period, RCF drawdowns were repaid in full.
8. Post-period events
The Company has evaluated subsequent events through the date of issuance of
these financial statements, and determined that there were no significant
events that occurred after the balance sheet date that would require
disclosure.
9. Cautionary Statement
This document contains certain forward-looking statements relating to Ten
Lifestyle Group plc. The Company considers any statements that are not
historical facts as "forward-looking statements". They relate to events and
trends that are subject to risk and uncertainty that may cause actual results
and the financial performance of the Company to differ materially from those
contained in any forward-looking statement. These statements are made by the
Directors in good faith based on information available to them and such
statements should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any such
forward-looking information.
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. END IR EAELFASEKEAA
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