REG - Ten Lifestyle Group - Preliminary Results 2022
23/11/2022 07:00
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RNS Number : 2816H Ten Lifestyle Group PLC 23 November 2022
Embargoed: 07:00hrs 23 November 2022
Ten Lifestyle Group plc
("Ten", the "Company" or the "Group")
Preliminary results for the year ended 31 August 2022
Ten Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for
global financial institutions and other premium brands, is pleased to announce
its preliminary results for the year ended 31 August 2022.
Financial highlights
· Record Net Revenue(1), up 35% to £46.8m (2021: £34.7m), ahead of
pre-COVID-19 levels
o corporate revenue(2) up 29% to £41.1m (2021: £31.9m)
o supplier revenue(3) up 104% to £5.7m (2021: £2.8m)
· Adjusted EBITDA(4) up 11% to £4.9m (2021: £4.4m)
· Loss before tax down 31% to £(3.8)m (2021: £(5.5)m)
· Cash at £6.6m, net cash at £3.2m (2021: £6.7m), with £3.4m debt
raised in the year to support working capital requirements
Operational highlights
· Number of Material Contracts(5) up 17% to 28 (2021: 24)
o retained all Material Contracts for third year running
o a new Large contract with Credit Saison, a leading credit card issuer in
Japan, and Medium contracts with one of the UK's largest wealth managers, DNB
Bank and Morgan Stanley, all launched with the Ten Digital Platform
· Active Members(6) up 36% to 275k (2021: 203k(7))
· Maintained high levels of member satisfaction(8) which drives repeat
use and value to our corporate clients
· £13.6m (2021: £11.5m) invested in proprietary digital platforms,
communications and technologies to enhance member experience and create
competitive advantage
o 80% of Material Contracts have now launched with the Ten Digital Platform
(2021: 64%)
o Ten Digital Platform live with 35 corporate client brands (2021: 27) which
drives engagement and service quality
Current Trading and Outlook
We expect demand and related revenue will continue to increase from existing
Active Members and "first time users" from our Eligible Member base.
Notwithstanding the impacts of economic conditions on individual member
households, our corporate clients pay us to improve the engagement of their
wealthiest customers, with banking corporate clients typically seeing improved
profitability of these customers due to higher interest rates. We expect to
continue to convert our strong pipeline of contract opportunities with global
financial institutions and premium brands.
Supplier revenue is our second income stream and accounts for 12% of Net
Revenue (2021: 8%). In the final quarter of 2022 and the first two months of
2023, we have benefited from record levels of supplier revenue, materially
ahead of the levels of the pre-COVID-19 year in 2019.
We remain focused on continuing to increase both Net Revenue and Adjusted
EBITDA, as well as maintaining a positive cash position. We plan to maintain
our investment in our proprietary technology, communications, and content,
which provides competitive advantage. Loans raised to date will continue to
support the Group's working capital requirements and we expect cash generation
in H2 2023.
Trading to date, our high corporate client retention rates, strong service
levels, increasing supplier revenue, improving profitability, healthy sales
pipeline and continued investment to improve our technology and proposition
mean that, although early in the year, we are optimistic about another year of
good progress and believe we will meet the Board's expectations for the
year.
Alex Cheatle, CEO of Ten Lifestyle Group, said;
"We have reported sustained improvements in Net Revenue and Adjusted EBITDA
profitability as a result of our continued investment in our proposition,
technology and people. We expect our growth engine will continue this progress
into the year ahead."
1 Net Revenue excludes the direct cost of sales relating to certain
member transactions managed by the Group.
2 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.
3 Supplier revenue is Net Revenue from Ten's supplier base, such as
hotels, airlines and event promoters which sometimes pay commission to Ten.
4 Adjusted EBITDA is operating profit/(loss) before interest,
taxation, amortisation, depreciation, share-based payment expense and
exceptional items.
5 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".
6 Active Members are members of Ten that have used the service at
least once in the past twelve months.
7 The number of Active Members in the prior years has been
recalculated using a more accurate measure of member eligibility, consistent
with the definition of Active Members.
8 Ten measures member satisfaction using the Net Promoter Score
management tool, which gauges the loyalty of a firm's member relationships
(https://en.wikipedia.org/wiki/Net_Promoter).
Analyst Presentation
An online analyst presentation will be held by video link at 9:00am on 23
November 2022. To attend, please email investorrelations@tengroup.com
(mailto:investorrelations@tengroup.com)
Dial-in details for the presentation are also available:
Dial-in number: +44 203 481 5240
Meeting ID: 846 6428 3711
Investor Presentation
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 (mailto:investorrelations@tengroup.com) .
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/) 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 about Ten Lifestyle Group Plc, please go
to: www.tenlifestylegroup.com (http://www.tenlifestylegroup.com/)
Chairman's Statement
Overview
Ten has achieved record levels of Net Revenue and Adjusted EBITDA
profitability. This is testament to the strength of the underlying business
model, which enabled us to ride out the re-emergence of COVID-19 in the first
half of the year and deliver strong results in the second half of the year.
Overall Net Revenue was up 35% to £46.8m (2021: £34.7m) and Adjusted EBITDA
up 11% to £4.9m (2021: £4.4m).
We made significant progress towards our mission to become the world's most
trusted service, further strengthening our ability to attract and retain
wealthy and mass affluent customers for global financial institutions and
other premium brands. We continued to invest in our industry-first,
proprietary technology, communications, and content (2022: £13.6m; 2021:
£11.5m) to drive growth and differentiate ourselves in the market. We have
scale in many of the world's major economies and are proud of our ability to
deliver our increasingly sophisticated personalisation platform from 22 global
offices, with thousands of integrated supplier partners and 25 years of
industry expertise into our service.
Over 275k Active Members use Ten's platform (2021: 203k), with millions more
eligible to access Ten's lifestyle, travel, dining, entertainment, and retail
benefits on behalf of over 50 corporate clients.
We continued to retain all of our Material Contracts for the third year
running, and grew the overall revenue derived from existing contracts. We
believe our established corporate clients increasingly value our platform.
Many now pay Ten to deliver technology integration, personalisation and unique
content projects that enhance member experience, drive efficiencies, and
strengthen Ten's position as their trusted concierge technology partner. We
have forged important new strategic partnerships throughout the year, with 80%
of corporate clients with Material Contracts opting to include the Ten Digital
Platform as part of their customer loyalty proposition (2021: 64%).
Our technology also underpins Ten's competitive strategy as the partner of
choice for a growing number of global financial institutions and other premium
brands wanting to attract and retain wealthy and mass affluent customers.
Continued investment in technology, strategic partnerships and our people has
strengthened our resilience and enabled the Group to build healthy foundations
for growth through an improved service and corporate client proposition whilst
also achieving further efficiencies.
Strategy
Throughout the year, we continued to realise our vision of building a valued
service that drives customer loyalty for our corporate clients by continuing
to provide preferred access to a range of premium services to our members
helping them to better organise their travel, dining, entertainment, and other
lifestyle needs. We have continued to optimise our market-leading proprietary
platform (the "Ten Digital Platform") and leveraged our buying power across
thousands of supplier partners. The service platform is supported by 25 years
of expertise, delivered by Lifestyle Managers 24 hours a day in over 15
languages. Our Net Promoter Score (NPS) tells us and our corporate clients,
that members are positively impacted by having access to Ten's service
platform and Lifestyle Managers.
Ten is a leading customer loyalty partner for global financial institutions
and premium brands. We believe that our ability to build verifiable customer
loyalty propositions encourages new and existing corporate clients to invest
in Ten's increasingly sophisticated personalisation platform to improve the
profitability and loyalty of their most valuable customers. This enables us to
invest back in technology, content, and service quality, enhancing the member
proposition and further driving the growth engine at the heart of Ten's
business model.
The Group continues to benefit from existing and new partnerships with
corporate clients, primarily in the financial services sector. We are also
working with other premium brands, which are seeking to improve the
engagement, retention, and acquisition of their most valuable customers. The
Group also offers individuals the opportunity to access its services through a
private membership proposition, although this is currently a very small part
of our total business.
Ten's unique member proposition provides access to a wide range of benefits
and experiences across key consumer markets, notably dining, travel,
entertainment, and premium retail. By combining the buying power of its
membership, the Group helps members secure attractive, and often unique
access, service levels, offers and benefits. This means our members can
achieve better and more cost-effective outcomes, more conveniently than they
could on their own.
The member proposition is made available to search and book online though
Ten's market-leading lifestyle and travel proprietary "Ten Digital Platform",
or through our expert Lifestyle Managers by phone, email, live chat, and
WhatsApp.
Results
Net Revenue grew by 35% to £46.8m (2021: £34.7m), driven by increased member
activity as the effects of COVID-19 eased throughout the period in most
regions. The emergence of the Omicron variant of COVID-19 during the first
half of the year resulted in a temporary reduction in member activity and
revenue growth, with the Group achieving a strong recovery in the second half
of the year and closing the period with record Net Revenue and a healthy and
increasing run-rate.
Delivering Adjusted EBITDA profitability and maintaining a net cash position,
whilst continuing to invest in technology, are key performance indicators of
the Group's strategic growth engine.
The Group secured new contract wins during the year, including a new Large
contract with Credit Saison, a leading credit card issuer in Japan, and Medium
contracts with one of the UK's largest wealth managers, DNB Bank in Norway and
Morgan Stanley in the Americas, all of which launched in the year with the Ten
Digital Platform.
The Group retained all of its Material Contracts and entered new agreements
with existing corporate clients for multi-year contract extensions,
significant expansions, and paid-for projects to customise the Ten Digital
Platform. These included a multi-year contract with St. James's Place, a
FTSE-100 wealth management business, following a successful pilot, a content
as a service contract with an existing corporate client to increase member
engagement and a paid-for project with an existing corporate client to
customise the Ten Digital Platform and content under its brand. The new
contracts won and launched in the period and growth of existing mandates have
contributed to a record number of Active Members.
People and ESG
The Group continues to benefit from a stable, founder-led executive management
team which has shown strong leadership, innovation, and resilience to grow the
business in all regions following the challenges posed by COVID-19. We take
pride in our track record of developing our people through our Ten Academy and
Ten's Global Leadership Programme, a global, twelve-months internal
development programme aimed at developing the Group's future leaders. By
nurturing an employee culture based on our principles of transparency,
education, promotion and engagement, our DEI Programme continues to support
our diverse, global workforce and helps us attract, retain, and develop the
best talent.
In order to manage the increased levels of demand we brought staff back from
COVID-19 schemes (e.g., furlough and Kurzarbeit) at the start of the year and
hired new staff. As well as adding expert Lifestyle Managers to support
growing member programmes, mainly in the Americas, we have bolstered our
business support teams, which are now predominantly based in Cape Town, as
well as our technology, content, and product teams.
We remain committed to building a sustainable business and are more aware then
ever of the impact our business and members have on the world around us. The
ESG Working Group formed last year under the leadership of Jules Pancholi,
Non-Executive Director, has assessed the material risks and opportunities
arising from ESG issues and has made solid progress addressing them. In a step
that further demonstrates the Board's commitment, we have also applied to
become a B Corp this year, following a well-supported resolution passed by our
shareholders to adopt an amendment to our Articles of Association in July
2022. Becoming B Corp certified would further cement our commitment to growing
a sustainable business and will have significant positive effects on the
Company and stakeholders.
On behalf of the Board, I would like to thank the whole Ten team for
demonstrating adaptability, professionalism, and steadfast commitment
throughout the year, for which we are extremely grateful and proud.
Summary
In last year's annual report, Alex Cheatle, CEO, stated: "We remain focused on
continuing to increase Net Revenue and Adjusted EBITDA, maintaining a positive
cash position whilst scaling up operations and maintaining our strategic
investment in technology."
I am pleased to report that we have delivered Net Revenue and Adjusted EBITDA
growth, whilst investing in the digitally led proposition, which has been
launched with four Material Contracts in the year. We have taken on a modest
level of debt to support our working capital requirements as we continue to
show substantial growth and launch new programmes.
We maintain strong relationships with our existing corporate clients because
we have proven our value in helping corporate clients engage, retain, and
acquire their most valuable customers. The growth engine at the heart of Ten's
business model continues to prove itself with sustained increases in Net
Revenue and EBITDA profitability, alongside high service levels and improved
technology solutions.
Bruce Weatherill
Independent Non-Executive Chairman
22 November 2022
Chief Executive's statement
Overview
The "growth engine" at the heart of our business continues to prove itself. In
the year, we achieved record levels of Net Revenue, Active Members and
Adjusted EBITDA, whilst continuing to invest in proprietary technology and
other innovations. By maintaining service quality across our high-touch and
digital platforms, which drives commercial results for our corporate clients,
we have continued to retain 100% of our Material Contracts for the third year
running and launched new Material Contracts in each of our three global
regions.
We faced challenges during the year, including the emergence of the Omicron
variant of COVID-19 during the first half of the year, leading to a short-term
reduction in member activity and related revenue. This caused a reduction in
Adjusted EBITDA in the first half of the year as we carried the cost of
retaining staff hired during an earlier period of increased activity.
Despite this, I am delighted that the business performed increasingly well
during the second half of the year and closed the period with a strong revenue
run-rate, improved Adjusted EBITDA and an enhanced digitally enabled service
platform.
I am proud of how our people across 22 offices globally have continued to
dedicate themselves to delivering high-quality services to our members and
corporate clients, including our newly hired staff who trained diligently to
become fully productive in their new roles. I would like to express my thanks
to our outstanding management team, which continues to drive the business
successfully towards our mission of becoming the world's most trusted service.
Record Net Revenue and profitability
Our market-leading digital capabilities differentiate us from our competition
and have enabled us to achieve record Net Revenue and Adjusted EBITDA
profitability, with Net Revenue up 35% to £46.8m (2021: £34.7m) and Adjusted
EBITDA 11% to £4.9m (2021 £4.4m) on prior year.
Revenue from our corporate clients was up 29% to £41.1m (2021: £31.9m) due
to the increase in member activity (paid for by our corporate clients) and
revenue from new contracts, including the four Material Contracts launched in
the year. Revenue from our supplier partners, mainly commission related to our
member's travel, was up 104% to £5.7m (2021: £2.8m).
Adjusted EBITDA for the year was up 11% to £4.9m (2021: £4.4m), driven by
improved efficiencies in the second half of the year, once the staff hired at
the start of the year became productive. Cash generated by operations was
£4.8m (2021: £4.0m), while operating expenses and other income increased to
£41.9m (2021: £30.3m) principally driven by headcount required to service
the uplift in member activity. The Group finished the year with a net cash
position of £3.2m after deducting £3.4m of debt raised in the year to
support working capital requirements, meaning the Group finished the year with
£6.6m of Cash and cash equivalents (2021: £6.7m).
REGIONAL ANALYSIS
EMEA
In EMEA, we continued to develop our services offered to members and corporate
clients in our most mature markets and expanded into maturing markets in the
Middle East, Italy, and Scandinavia.
Regional Net Revenue grew by 21% because of increased member activity, new
contracts, and increased member engagement. Several Material Contracts with
flagship corporate clients increased their budgets during the period, having
previously reduced or frozen them in response to COVID-19.
We retained all Material Contracts and we won new corporate clients, including
one of the UK's largest wealth managers. We further expanded our contract with
DNB Bank in Norway by launching Ten's digital concierge services to additional
customer groups and expanded other key contracts with corporate clients in the
region.
The additional cost of staff hired in the first half of the year, who we
retained during the dip in member activity caused by the impact of the Omicron
variant of COVID-19, meant Adjusted EBITDA fell to £0.9m in H1 when compared
to the same period in the prior year (H1 2021: £1.7m). However, the new staff
became fully utilised in the second half of the year, with a return to member
activity and revenue growth, leading to a strong Adjusted EBITDA recovery to
£4.0m in H2 (H2 2021: £2.7m) and full year Adjusted EBITDA of £4.9m (2021:
£4.4m).
The conflict in Ukraine has had limited impact on Ten's core service
categories in the region. Ten's Moscow office, which contributed <1.5% of
the Group's Net Revenue in H1 2022, closed on 9 March 2022. The Group incurred
one-off costs of closure expenses associated to the disposal of Ten's Russian
subsidiary of £519k.
Americas
I am delighted that we have reduced the EBITDA loss by £1.5m to £(0.7)m
(2021: £(2.2)m) for the fourth year running. In the second half of the year,
we achieved a modest positive Adjusted EBITDA for the first time since
listing, because of growing scale and maturity in the region. Achieving
profitability in the region has been a key objective for Ten.
The Americas also achieved the highest rate of growth in the Group, with Net
Revenue up 67% on prior year, due to the healthy growth of existing contracts
and new contract wins. Notably, we won our first Medium contract with Morgan
Stanley, one of the world's largest private banks and wealth managers.
Member demand increased throughout the year, with Net Revenue doubling in the
second half of the year when compared to the same period of the prior year.
Staff hired to deliver on such high rates of growth are fully trained,
effective, and efficient within a few months, which helps to improve EBITDA
performance further.
APAC
In APAC, Net Revenue grew by 25% and Ten achieved positive Adjusted EBITDA of
£0.1m (2021: £0.5m), despite sporadic COVID-19 restrictions in the various
parts of the region, notably in China. We retained all Material Contracts and
launched a Large contract with Credit Saison, a leading credit card issuer in
Japan.
We continued to see less international travel and fewer large live events in
APAC than in other regions, which, together with occasional local lockdowns,
suppressed demand for our core dining and lifestyle services.
Our investment in technology and content continues to drive our market-leading
digital capability
We continued to benefit from the quality, operational and competitive
advantages of our digital capability. Despite cost pressures, we took the
decision to maintain our investment in technology, communications, and
content, with £13.6m invested in the year (2021: £11.5m). We believe that
our market-leading digital capability clearly differentiates us from our
competition and underpins our long-term "growth engine" strategy to become the
world's most trusted service.
In the year, this investment enabled us to achieve key milestones in our
digital roadmap. These developments enabled us to continue to roll out our Ten
Digital Platform, which is now live with 80% of our Material Contracts and
with 30% more corporate client brands than the previous year. We believe
corporate clients are increasingly opting to customise and integrate the Ten
Digital Platform to achieve increased efficiencies and support their digital
engagement strategy.
Stronger member proposition, satisfaction, and engagement
In the year we have strengthened our core propositions. The more attractive
and accessible our proposition is to new and existing members, the more they
engage with, use and advocate for our service. Member engagement and
satisfaction are key to building value for corporate clients, which want to
improve the engagement, retention, and acquisition of their most valued
customers. This justifies increased corporate spending with us and encourages
new corporate clients and new supplier partners to work with us.
We are delighted to have achieved another strong year of member satisfaction,
as measured by Net Promoter Score (NPS).
We believe that our member satisfaction levels and strengthened member
proposition have resulted in an increase in repeat usage of our service and
growing numbers of Active Members using the service. These metrics also help
us demonstrate the return on corporate client investment in the service, which
contributes to the high levels of corporate client retention.
Summary
We have retained all our Material Contracts for the third year running and
have launched four new Material Contracts during the year.
We believe our competitive position is stronger than ever, backed by a
market-leading member proposition, which delivers a strong return on
investment for our corporate clients. This has been achieved by continuing to
invest in our technology, content and market expertise and better pricing,
access, benefits, and integration with our supplier partners.
Our sales pipeline is robust, and we have maintained our record of never
losing a Material Contract where we have launched our Ten Digital Platform. By
developing the platform, and in turn our corporate clients, we have grown Net
Revenue by 35% during the year, and this growth accelerated in the second half
to 49% when compared with the same period of the prior year.
We have maintained investments in technology, content, and supplier
partnerships, which has enhanced the service to members and corporate clients.
This strategy recognises the importance of innovation in building our market
position and improving service levels, whilst delivering record levels of
Adjusted EBITDA profitability, which increased throughout the second half of
the year. Across the year we report Adjusted EBITDA of £4.9m (2021: £4.4m),
with second half Adjusted EBITDA performance of £4.0m (H2 2021: £2.7m).
I am proud of the strong "trusted expert" culture at Ten, our member focus and
our successful innovation, which have led to these record results.
Alex Cheatle
Group Chief Executive Officer
22 November 2022
Financial review
Net Revenue grew by 35% to £46.8m (2021: £34.7m). Despite the impact of the
Omicron variant of COVID-19 in the first half of the year, we experienced a
strong recovery in activity in the second half of the year. Adjusted EBITDA
profitability of £4.9m (2021: £4.4m) was driven by improved profitability in
H2 of £4.0m (2021: £2.7m) compared to £0.9m (2021: £1.7m) in H1(9).
£m 2022 2021
£m £m
Revenue 48.7 35.1
Corporate revenue 41.1 31.9
Supplier revenue 5.7 2.8
Net Revenue 46.8 34.7
Operating expenses and other income (41.9) (30.3)
Adjusted EBITDA 4.9 4.4
Adjusted EBITDA % 11.4% 12.8%
Depreciation (2.7) (3.2)
Amortisation (4.6) (4.0)
Share-based payments (0.5) (1.6)
Exceptional items charge (0.8) (0.6)
Operating loss before interest and tax (3.7) (5.0)
Net finance expense and FX (0.1) (0.5)
Loss before taxation (3.8) (5.5)
Taxation charge (0.5) (0.2)
Loss for the period (4.3) (5.7)
Loss % over Revenue (8.8)% (16.5)%
Net Cash, (defined as Cash less borrowings) 3.2 6.7
9 Half year figures are unaudited.
Adjusted EBITDA
Whilst Adjusted EBITDA is not a statutory measure, the Board believes it is
appropriate to include this as an additional metric as it is one of the main
measures of performance used by the Board. It reflects the underlying
profitability of our business operations, excluding amortisation of investment
in platform infrastructures, exceptional charges, and share-based payment
expenses.
Revenue and Net Revenue
Net Revenue for the twelve months to 31 August 2022 was £46.8m, up 35%
compared to the prior year. Revenue for the twelve months to 31 August 2022
was £48.7m, up 39% on the twelve months to 31 August 2021. Net Revenue, which
excludes the direct cost of sales relating to member transactions managed by
the Group, is Ten's preferred measure of operating revenue as it excludes the
cost of member transactions where Ten is the principal service provider (i.e.,
cost of airline tickets packaged with hotels under the Group's ATOL licences).
The uplift in Net Revenue of 35% was principally driven by increased activity
as the world economy opened up post COVID-19. There was an impact on the
business in the first half due to the outbreak of the Omicron variant;
however, we experienced a significant uplift in member activity in the second
half of the year driving both our corporate and supplier revenue.
Our corporate revenue (paid by our corporate clients to service their
customers) increased year on year by 29%, with a Net Corporate Revenue
Retention Rate(10) of 120% (2021: 75%) supporting this growth. Our supplier
revenue (predominantly travel related) increased by 104% to £5.7m (2021:
£2.8m). The table below highlights the impact of COVID-19 on our Net Revenues
and the subsequent recovery in this financial year. Note H1 2020 was
pre-COVID-19.
Net Revenue 2022 2021 2020
£m £m £m
H1 20.7 17.2 23.8
H2 26.1 17.5 20.5
Total 46.8 34.7 44.3
10 Net Corporate Revenue Retention Rate is the annual percentage change
in corporate revenue, less non-recurring revenue (i.e., non-recurring service
fees, implementation fees and fees for the customisation of the Ten Digital
Platform), from corporate client programmes operating in the previous year.
Contract analysis
The following tables set out an analysis of our contracts by size and by
region. We have analysed only our Material Contracts
Contract by Size 2022 2021 change
Extra Large 3 3 -
Large 6 5 +1
Medium 19 16 +3
28 24 +4
Contract by region 2022 2021 change
EMEA 10 8 +2
Americas 11 10 +1
APAC 6 5 +1
Global 1 1 -
28 24 +4
During the financial year, we won and launched two Medium contracts in EMEA, a
Medium contract in Americas and a Large contract with Credit Saison, a leading
credit card issuer in Japan.
Regional analysis
While there is a clear overlap between the geographic location of our
corporate clients and their members' requests, members use our concierge
services across all the regions. Net Revenue by region reflects our servicing
location rather than the location of our corporate clients. This allows us to
track the efficiency and profitability of our operations around the world and
is therefore presented on this basis.
Net Revenue 2022 2021 % change
£m £m
EMEA 21.9 18.1 21%
Americas 16.5 9.9 67%
APAC 8.4 6.7 25%
46.8 34.7 35%
In EMEA Net Revenue increased by 21%. There was a strong increase in activity
in the first quarter of the year until the winter resurgence of COVID-19
impacted activity from November 2021 through to February 2022. We then saw a
return to increased activity especially in travel in the second half of the
year as the world economies opened up.
In the Americas, we saw a significant increase in Net Revenue of 67%. Member
activity increased and in particular in respect of the Extra Large contract
launched in February 2020, just as COVID-19 impacted the region.
In APAC, Net Revenue grew by 25% principally due to the launch at the
beginning of the financial year a Large contract with Credit Saison. The base
business remained relatively subdued from an activity perspective as COVID-19
restrictions in the region continued longer than in the rest of the world.
Operating expenses and other income
Operating expenses and other income increased by £11.6m to £41.9m (2021:
£30.3m). The increase in cost was principally driven by headcount required to
service the uplift in activity across the business. Average headcount in the
year has grown by 34% to 1,101 (2021: 824). We continued to closely monitor
costs, in particular assessing our office space requirements as we moved to a
hybrid model of working across all regions.
Regional Adjusted EBITDA
Adjusted EBITDA is after expenses, other than depreciation of £2.7m (2021:
£3.2m), amortisation of £4.6m (2021: £4.0m), and share-based payment and
exceptional items expenses of £1.3m (2021: £2.2m). On this basis, Adjusted
EBITDA was £4.9m (2021: £4.4m).
After allocating the costs of central IT infrastructure, software development,
property, senior management and other central costs, the Adjusted EBITDA for
each region is set out below:
Adjusted EBITDA 2022 2021
£m £m
EMEA 5.5 6.1
Americas (0.7) (2.2)
APAC 0.1 0.5
Total 4.9 4.4
EMEA
Adjusted EBITDA of £5.5m (2021: £6.1m) is a reduction year on year of
£0.6m. The reduction in profitability was driven by our decision to maintain
headcount through the winter resurgence of COVID-19 to ensure we had
sufficient resources ready for the uplift in activity, which subsequently came
through in the second half of the year.
Americas
The Americas region Adjusted EBITDA loss has decreased by £1.5m to £(0.7)m
(2021: £(2.2)m). The reduced loss was driven by the strong uplift in Net
Revenues particularly in the second half of the year. This increase in
activity and Net Revenue meant that the region moved into profitability in the
second half of the year.
APAC
The APAC region Adjusted EBITDA of £0.1m (2021: £0.5m) was a reduction of
£0.4m due to activity continuing to be subdued across the region for most of
the year with various lockdown measures in place across most of the region.
However, we did see some signs of recovery towards the end of the year.
Amortisation
Amortisation costs, relating to the internal platform (TenMAID) and the
member-facing platforms, were £4.6m in 2022 (2021: £4.0m) reflecting
continued investment in technology to drive improvements in service levels,
efficiency, and competitive advantage.
Net finance expense
Net finance expense in the year was £0.1m (2021: £0.5m); the expense
included IFRS 16 lease interest expense of £0.1m as well as foreign exchange
gains on the translation of inter-company balances in the year of £0.2m
(2021: £(0.2)m).
Share-based payments
The share-based payments expense in the year was £0.5m (2021: £1.6m). These
related to share-based payments expense reflecting share grants made under
management incentive plans (see note 28). The prior year charge was higher due
to the granting of salary sacrifice scheme options as part of our cost savings
through COVID-19.
Exceptional items expense
The exceptional items expense was £0.8m (2021: £0.6m). On 10 June 2022 the
Group disposed of the Russian subsidiary Ten Group (RUS) LLC, incurring
closure costs associated to the disposal of £0.5m. In addition, the Group
recognised a provision of £0.3m related to an ongoing review of overseas
taxes and penalties. Prior year exceptional items included an impairment
expense of £0.4m and project costs of £0.2m.
Loss before tax
The loss before tax reduced to £(3.8)m from £(5.5)m in 2021.
Taxation
The taxation expense for the year was £0.5m (2021: £0.2m) which related to
tax liabilities and payments in relation to overseas entities which, recorded
a statutory profit.
Loss per share
The total comprehensive loss for the year was £(4.5)m (2021: £(5.8)m),
resulting in a loss per share (excluding treasury shares) of 5.2p (2021: loss
per share of 7.2p). The Board does not recommend the payment of a dividend.
Group cash flow
£m 2022 2021
£m £m
Loss before tax (3.8) (5.5)
Net finance expense 0.1 0.5
Working capital changes (0.1) 0.7
Forgiven US PPP loan - (1.0)
Non-cash items (share-based payments, depreciation, amortisation and 8.6 9.3
exceptional items)
Cash generated from operations 4.8 4.0
Capital expenditure (0.9) (0.2)
Investment in intangibles (6.4) (5.4)
Taxation (0.6) (0.5)
Cash outflow (3.1) (2.1)
Cash flows from financing activities
Sale of treasury shares 0.5 -
Receipts on exercising of options 1.4 0.9
Loan receipts 3.4 -
Repayment of leases and net interest (2.7) (2.9)
Net cash from/(used in) financing activities 2.6 (2.0)
Foreign currency cash and cash equivalents movements 0.4 (0.2)
Net decrease in cash and cash equivalents (0.1) (4.3)
Cash and cash equivalents 6.6 6.7
Net Cash (Defined as Cash less borrowings) 3.2 6.7
Cash generated by operations was £4.8m (2021: £4.0m). Non-cash items in the
year of £8.6m (2021: £9.2m) included the increased amortisation charges,
offset by a reduction in depreciation charge relating to IFRS 16 Right-of-Use
assets as well as a reduced Share Based Payment charge with less options
granted during the year. The expenditure capitalised on IT equipment and
infrastructure was £0.9m (2021: £0.2m), and on the Ten Digital Platform and
TenMAID totalled £6.4m (2021: £5.4m) as we continue to invest in our
technology. Net cash from financing activities is primarily due to loan
receipts of £3.4m, of which £1.5m was from a related party loan, share
option receipts of £1.4m, and sale of treasury shares of £0.5m offset by
IFRS 16 lease payments and interest of £2.7m. This has led to an overall
decrease in cash of £0.1m during the year with a decrease in Net Cash to
£3.2m.
Group balance sheet
£'m 2022 2021
Intangible assets 13.4 11.6
Property, plant and equipment 0.9 0.6
Right-of-use assets 2.2 2.6
Cash 6.6 6.7
Other current assets 10.1 5.8
Lease liabilities (1.8) (1.5)
Current liabilities (17.3) (12.2)
Short term borrowings (1.5) -
Long-term borrowings (1.9) -
Other non-current liabilities (0.9) (1.7)
Net assets 9.8 11.9
Share capital/share premium 30.7 29.4
Reserves (20.9) (17.5)
Total equity 9.8 11.9
Net assets were £9.8m (2021: £11.9m). The reduction in the year is driven by
short term borrowings of £1.5m (2021:£nil) and long-term borrowings of
£1.9m (2021: £nil) taken out during the year. This is to ensure the Group
has sufficient working capital to support the growth in the business.
Key Financial Performance Indicators (KFPIs)
Management accounts are prepared on a monthly basis and include KPIs covering
revenue, Adjusted EBITDA, cash balances and Material Contracts, and are
measured against both the Group's budget and the previous years' actual
results. The KFPIs for the year are:
2022 2021 2020 2019
Net Revenue (£m) 46.8 34.7 44.2 45.8
Corporate revenue(£m) 41.1 31.9 40.9 40.3
Supplier revenue(£m) 5.7 2.8 3.3 5.5
Net Revenue growth % 35.0% -21.6% -3.5% 23.0%
Adjusted EBITDA (Pre-IFRS16) (£m) ─ ─ ─ -3.3
Adjusted EBITDA (£m) 4.9 4.4 4.8 ─
Cash and cash equivalents (£m) 6.6 6.7 10.0 12.3
Net Cash (£m) 3.2 6.7 10.0 12.3
Material Contracts 28 24 23 24
Each month the Board assesses the performance of the Group based on these
KFPIs, operational performance indicators, including the number of Active
Members, sales performance, corporate client development, technology updates.
As described above, the Group's performance against its KFPIs had been
impacted by the effects of COVID-19. Net Revenue recovered in the year and
is now above pre-COVID, FY 2019 Net Revenue, whilst Adjusted EBITDA was
broadly maintained over the last three years.
Going concern
The impact of plausible adverse macroeconomic scenarios on Ten's business
still warrants focus and real-time management. The Group is particularly
exposed to the adverse impacts to variable revenues from these scenarios as
well as the risk of corporate revenue contracts not being renewed.
The Group has set its budget for 2023, and forecast for the following year but
we recognise that there are scenarios under which the Group could be impacted
by reductions in the number of member engagements and by prospective corporate
clients failing to renew contracts. From our budget base case, a stress
scenario of 20% reduction in variable revenues was performed as well as a
severe downside scenario of 90% reduction in variable revenues. In each of
these scenarios, if revenue is not in line with cash flow forecasts, the
Directors have identified cost savings associated with the reduction in
revenue and can identify further cost savings if necessary.
The Directors have no reason to believe that corporate revenue and receipts
will decline to the point that the Group no longer has sufficient resources to
fund its operations. However, in the unlikely event this should occur, the
Group will continue to manage its working capital position, as well as making
significant reductions in its fixed costs.
Post Year End events
Since the end of the year, the Group has:
· increased the size of a programme in Latin America from the
equivalent of a Medium contract to the equivalent of a Large contract due to
member engagement exceeding expectations, leading to an additional commitment
from the corporate client to expand the programme
· raised a further £385k of loans with interest payable quarterly in
arrears in cash at 8% per annum during the term of the loan, a 1%
administration fee payable in cash at drawdown, repayable on 25 August 2025
· extended the exercise periods of remaining options granted under the
Salary Sacrifice Scheme established as a cost saving initiative in response to
COVID-19 from two or three years to four years from the respective date of
grant
Alan Donald
Chief Financial Officer
22 November 2022
Consolidated Statement of Comprehensive Income
for the year ended 31 August 2022
Note 2022 2021
£'000 £'000
Revenue 3 48,651 35,059
Cost of sales on principal member transactions (1,839) (394)
Net Revenue 3 46,812 34,665
Other cost of sales (1,428) (797)
Gross profit 45,384 33,868
Administrative expenses (49,519) (40,232)
Other income 386 1,380
Operating profit before amortisation, depreciation, interest, share based 4,878 4,431
payments, exceptional items and taxation ("Adjusted EBITDA")
Depreciation (2,713) (3,186)
Amortisation 5 (4,608) (3,957)
Share-based payment expense (537) (1,627)
Exceptional items 4 (769) (645)
Operating loss (3,749) (4,984)
Finance income 1 1
Finance expense (102) (554)
Loss before taxation (3,850) (5,537)
Tax expense (466) (237)
Loss for the year (4,316) (5,774)
Other comprehensive expense:
Foreign currency translation differences (137) (5)
Total comprehensive loss for the year (4,453) (5,779)
Basic and diluted loss per ordinary share (5.2)p (7.2)p
The consolidated statement of comprehensive income has been prepared on the
basis that all operations are continuing operations.
Consolidated Statement of Financial Position as at 31 August 2022
Company No: 08259177
Note 2022 2021
£'000 £'000
Non-current assets
Intangible assets 5 13,397 11,555
Property, plant and equipment 939 561
Right of use assets 2,274 2,601
Total non-current assets 16,610 14,717
Current assets
Inventories 118 98
Trade and other receivables 9,930 5,707
Cash and cash equivalents 6,584 6,662
Total current assets 16,632 12,467
Total assets 33,242 27,184
Current liabilities
Trade and other payables (16,459) (11,487)
Provisions (846) (568)
Borrowings (1,500) -
Lease liabilities (1,834) (1,504)
Total current liabilities (20,639) (13,559)
Net current liabilities (4,007) (1,092)
Non-current liabilities
Borrowings (1,940) -
Lease Liabilities (820) (1,678)
Total non-current liabilities (2,760) (1,678)
Total liabilities (23,399) (15,237)
Net assets 9,843 11,947
Equity
Called up share capital 84 82
Share premium account 30,658 29,356
Merger relief reserve 1,993 1,993
Treasury reserve 513 5
Foreign exchange reserve (547) (410)
Retained deficit (22,858) (19,079)
Total equity 9,843 11,947
Consolidated Statement of Changes in Equity for the year ended 31 August 2022
Note Share capital Share premium account Merger relief reserve Foreign exchange reserve Treasury reserve Retained deficit Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 August 2020 81 28,480 1,993 (405) 15 (14,931) 15,233
Loss for the year - - - - - (5,774) (5,774)
Foreign exchange - - - (5) - - (5)
Total comprehensive loss for the year - - - (5) - (5,774) (5,779)
Issue of new share capital 1 876 - - - - 877
Shares purchased by Employee Benefit Trust (EBT) - - - - (10) - (10)
Equity-settled share-based payments charge - - - - - 1,626 1,626
Balance at 31 August 2021 82 29,356 1,993 (410) 5 (19,079) 11,947
Loss for the year - - - - - (4,316) (4,316)
Foreign exchange - - - (137) - - (137)
Total comprehensive loss for the year - - - (137) - (4,316) (4,453)
Shares sold by Employee Benefit Trust (EBT) - - - - 508 - 508
Equity-settled share-based payments charge - - - - - 537 537
Issue of new share capital 2 1,302 - - - - 1,304
Balance at 31 August 2022 84 30,658 1,993 (547) 513 (22,858) 9,843
Consolidated Statement of Cash Flows
for the year ended 31 August 2022
Note 2022 2021
£'000 £'000
Cash flows from operating activities
Loss for the year, after tax (4,316) (5,774)
Adjustments for:
Taxation expense 466 237
Net Finance expense 101 546
Amortisation of intangible assets 5 4,608 3,957
Depreciation of property, plant and equipment 483 687
Depreciation of right-of-use asset 2,230 2,499
Equity-settled share-based payment expense 537 1,627
Exceptional items 4 769 445
Forgiven US PPP loan - (1,000)
Movement in working capital:
(Increase) in inventories (18) (32)
(Increase)/Decrease in trade and other receivables (2,012) 1,234
Decrease/(Increase) in trade and other payables 2,020 (429)
Cash generated from operations 4,868 3,997
Tax paid (623) (470)
Net cash from operating activities 4,245 3,527
Cashflows from investing activities
Purchase of intangible assets 5 (6,452) (5,393)
Purchase of property, plant and equipment (866) (177)
Finance income 1 1
Net cash used in investing activities (7,317) (5,569)
Cash flows from financing activities
Lease liability repayments (2,427) (2,599)
Sale of treasury shares 508 10
Loan receipts 3,440 -
Interest paid (73) (15)
Interest paid on IFRS16 lease liabilities (185) (284)
Cash receipts from issue of share capital 1,302 876
Net cash generated/(used in) by financing activities 2,565 (2,012)
Foreign currency cash and cash equivalents movements 429 (241)
Net decrease in cash and cash equivalents (78) (4,295)
Cash and cash equivalents at beginning of period 6,662 10,957
Cash and cash equivalents at end of period
Cash at bank and in hand 6,584 6,662
Cash and cash equivalents 6,584 6,662
1. Basis of Preparation
The financial information set out in this document does not constitute the
Company's statutory accounts for the years ended 31 August 2022 or 2021.
Statutory accounts for the years ended 31 August 2021 and 31 August 2022,
which were approved by the Directors on 22 November 2022, have been reported
on by the Independent Auditors. The Independent Auditors' Reports on the
Annual Report and Financial Statements for each of 2021 and 2022 were
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 August 2021 have been filed with the
Registrar of Companies. The statutory accounts for the year ended 31 August
2022 will be delivered to the Registrar in due course, and are available from
the Company's registered office at Floor 2, 355 Euston Road, London, England,
NW1 3AL and are available from the Company's website:
https://www.tenlifestylegroup.com/investors
(https://protect-eu.mimecast.com/s/7BdQCnRRvcXGgyJh9L98J?domain=tenlifestylegroup.com)
.
The financial information set out in these results has been prepared using the
recognition and measurement principles of UK adopted international accounting
standards and with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS (except as otherwise stated). The accounting
policies adopted in these results have been consistently applied to all the
years presented and are consistent with the policies used in the preparation
of the financial statements for the year ended 31 August 2021. There are
deemed to be no new standards, amendments and interpretations to existing
standards, which have been adopted by the Group that have had a material
impact on the financial statements
2. Going concern
The Directors have adopted the going concern basis in preparing the
consolidated financial statements after assessing the Group's principal risks
as set out in the Risk Management Report.
The Directors have reviewed the cash flow forecasts covering a period of at
least 12 months from the date of approval of the 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 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.
The current macro-economic environment continues to create uncertainty,
particularly over inflationary pressures on costs and the risk to variable
cash flows from plausible downside scenarios. The Group is also reliant on the
renewal of contracts with corporate clients to meet its working capital
requirements.
Multiple sensitivity analyses have been performed to reflect a variety of
possible cash flow scenarios associated to the principal risks identified. The
Directors have considered severe but plausible scenarios reflecting a
potential reduction in variable revenue of between 20 and 90 percent 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.
Having assessed the principal risks and other matters discussed in connection
with the going concern statement, the Directors have a reasonable expectation
that the Group has adequate resources to continue in operational existence for
the foreseeable future. For these reasons, they continue to adopt the going
concern basis of accounting in preparing the financial statements.
3.Segment reporting
The total revenue for the Group has been derived from its principal activity,
the provision of concierge services. This has been disaggregated appropriately
into operational segment and geographical location.
The Group has three reportable segments: Europe, the Middle East and Africa
(EMEA), North and South America (the "Americas") and Asia-Pacific (APAC). Each
segment is a strategic business unit and includes businesses with similar
operating characteristics. They are managed separately in similar time zones
to reflect the geographical management structure.
2022 2021
£'000 £'000
EMEA 21,888 18,120
Americas 16,534 9,875
APAC 8,390 6,670
Net Revenue 46,812 34,665
Add back: cost of sales on principal transactions 1,839 394
Revenue 48,651 35,059
EMEA 5,448 6,157
Americas (700) (2,192)
APAC 130 466
Adjusted EBITDA 4,878 4,431
Amortisation (4,608) (3,957)
Depreciation (2,713) (3,186)
Share-based payment expense (537) (1,627)
Exceptional items (769) (645)
Operating loss (3,749) (4,984)
Foreign exchange gain/(loss) 157 (246)
Other net finance expense (258) (307)
Loss before taxation (3,850) (5,537)
Taxation expense (466) (237)
Loss for the year (4,316) (5,774)
Statutory revenue for the Americas and APAC segments is the same as the Net
Revenue amounts disclosed above. Statutory revenue for the EMEA segment was
£21,888k (2021: £18,120k).
The Group's statutory revenue from external corporate clients is generated
from commercial relationships entered into by various Group companies, which,
given the global nature of the Group's service delivery model, may not reflect
the location where the services are delivered, as reflected in the Net Revenue
segmentation noted below.
The Group's statutory revenue is disaggregated into the following revenue
streams. In addition, the Group disaggregates revenue into services where the
Group is considered agent or principal as below:
3. Segment reporting (continued)
2022 2021
£'000 £'000
Direct concierge service revenue 38,030 29,425
Offers and benefits revenue 1,129 1,143
Indirect concierge service revenue 7,516 3,314
Digital platform fees 1,976 1,177
Total revenue 48,651 35,059
2022 2021
£'000 £'000
Corporate revenue 41,116 31,905
Supplier revenue 7,535 3,154
Total revenue 48,651 35,059
Supplier revenue (cost of sales on principal member transactions) (1,839) (394)
Net Revenue 46,812 34,665
2022 2021
£'000 £'000
Revenue from services as principal 46,570 34,453
Revenue from services as agent 2,081 606
48,651 35,059
Net Revenue is a non-GAAP Company measure that excludes 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,
taxation, amortisation, depreciation, share-based payment and exceptional
costs. Adjusted EBITDA is the main measure of performance used by the Board,
who are considered to be the chief operating decision makers. 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.
Two corporate clients generated more than 10% of total revenue each during the
year ended 31 August 2022. The total combined revenue of these corporate
clients was £9.5m (2021: £9.7m) and was mainly included in the EMEA and
Americas segments.
4. Exceptional items
2022 2021
£'000 £'000
Impairment of intangible asset - 445
Loss on disposal of subsidiary and restructuring 519 -
Provision for overseas tax authority costs 250 -
Other exceptional costs - 200
769 645
On 10 June 2022 the Group disposed of the Russian subsidiary Ten Group (RUS)
LLC, incurring closure costs associated to the disposal of £519k. The
disposal was completed through a sale of 100% of the shares in the subsidiary
for consideration of £nil.
During the year, the Group recognised a provision of £250k related to an
ongoing review of overseas sales taxes and penalties.
5. Intangible assets
Capitalised development costs Website Trademarks Total
£'000 £'000 £'000 £'000
Cost
At 31 August 2020 30,025 1,909 55 31,989
Additions 5,393 - - 5,393
Impairment (445) - - (445)
Reclassification 63 - - 63
Write-off - - (55) (55)
At 31 August 2021 35,036 1,909 - 36,945
Additions 6,452 - - 6,452
Disposal (4) - - (4)
At 31 August 2022 41,484 1,909 - 43,393
Accumulated amortisation
At 31 August 2020 19,493 1,909 55 21,457
Charge for the year 3,956 - - 3,956
Reclassification 32 - - 32
Write-off - - (55) (55)
At 31 August 2021 23,481 1,909 - 25,390
Charge for the year 4,608 - - 4,608
Disposal (2) - - (2)
At 31 August 2022 28,087 1,909 - 29,996
Carrying amount
At 31 August 2021 11,555 - - 11,555
At 31 August 2022 13,397 - - 13,397
All additions are related to internal and external expenditure. The useful
economic lives of the capitalised development platforms and website are
assessed to be five years and three years respectively.
6. Events after the balance sheet date
Subsequent to the balance sheet date, the Group has raised a further £385k of
loans. The loans are guaranteed by Ten Lifestyle Group. Interest is payable
quarterly in arrears in cash at 8% per annum during the term of the loan, a 1%
administration fee payable in cash at drawdown. The loans are repayable on the
25 August 2025.
The Group has extended the expiry dates of the Salary Sacrifice Scheme (SSS)
granted between March 2020 and March 2021 from two or three years to four
years from the original grant date.
7. Cautionary Statement
This document contains certain forward-looking statements relating to Ten
Lifestyle plc (the "Group"). The Group 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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