REG - Ten Lifestyle Group - Contract Update - EMEA & APAC

Ten LifestyleAnnouncement

12/06/2020 14:00

RNS Number : 8554P
  
Ten Lifestyle Group PLC
  
12 June 2020
  
 

12 June 2020
                                                                                                                                                                                                                               
Ten Lifestyle Group plc
("Ten", the "Company" or the "Group")
 
Contract Update - EMEA & APAC
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent provides the following recent contract updates across its EMEA and APAC regions: 
·    Ten has agreed a five year extension of an existing Extra Large[1] contract in EMEA, including the introduction of digital travel and lifestyle services to its client's selected customers for the first time. 
·    Ten has entered a three year extension of a Large1 contract in APAC, which is now expected to grow into an Extra Large contract during the extended term.  
·    Ten has also agreed the extension of two Large contracts and a Medium1 contract in EMEA. 
·    We have mutually agreed with a client in EMEA that, from September 2020, our current contract (on track to be a Large contract) for the provision of concierge services under a corporate-pay model will be replaced with an agreement to offer our private membership concierge services to its customers under an affiliate model, which is likely to be a Small contract.   
The Board does not expect these changes to have a material impact on their expectations for the second half of the year.  
Alex Cheatle, CEO of Ten Lifestyle Group, said: 
"I am very pleased that we have secured the continued support of so many of our long-standing clients as their contracts have come up for renewal. The majority of our clients renew their contracts with us without the requirement for a competitive tender. Although we will be winding down a contract which was on track to be a Large contract, I am pleased that we will continue to offer our services to the client's customers under an affiliate model. This change of model came about as a result of the client's review of how it manages benefits attached to its banking products.  
Since we announced our half year results on 14 May 2020, we have continued to stay relevant to our clients and members by adapting to their needs throughout the COVID-19 pandemic, maintaining a good volume of service requests." 
For further information please visit www.tenlifestylegroup.com or call:
 




Ten Lifestyle Group plc
Alex Cheatle, Chief Executive Officer
Alan Donald, Chief Financial Officer
 


+44 (0)20 7850 2796
 
 
 




 
Peel Hunt LLP, Nominated Advisor and Broker
Edward Knight
George Sellar
Nick Prowting
 


+44 (0) 20 7418 8900




 
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc is a leading technology-enabled, global concierge platform, helping wealthy and mass affluent individuals and their families to discover, organise, and enjoy dining, live entertainment, travel and premium retail (and other relevant services) with better results and quicker than they could themselves.
Underpinned by industry-first technology, Ten provides its trusted travel and lifestyle service to its more than 2 million members, 24/7, 365 days a year, wherever they are in the world. Founded in 1998, the business listed on the AIM market of the London Stock Exchange in November 2017 (AIM: TENG). Ten Lifestyle Group's objective is to become the most trusted service platform in the world.
For further information about Ten Lifestyle Group Plc, please go to: www.tenlifestylegroup.com




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



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