RNS Number : 1459H
Ten Lifestyle Group PLC
12 November 2025
Embargoed: 07:00hrs 12 November 2025
Ten Lifestyle Group plc
("Ten", the "Company" or the "Group")
Preliminary results for the year ended 31 August 2025
Ten Lifestyle Group plc (AIM: TENG) the global concierge technology platform driving customer loyalty for financial institutions and other premium brands, is pleased to announce its preliminary results for the year ended 31 August 2025.
Financial highlights
· Record Net Revenue1, up 4.5% to £65.7m (2024: £62.9m), £67.1m at constant currency
o corporate revenue of £57.9m (2024: £55.3m)
o supplier revenue of £7.8m (2024: £7.6m)
· Record Adjusted EBITDA2, up £1.8m to £14.6m (2024: £12.8m), £13.2m at constant currency
· Record Adjusted EBITDA margin3, increased to 22.2% (2024: 20.3%)
· More than fivefold increase in profit before tax to £2.9m (2024: £0.5m)
· Cash and cash equivalents of £10.6m (2024: £9.3m) and net cash of £9.7m (H1 2025: £6.8m; FY 2024: £3.9m)
o reflects £5.9m placing and repayment of £4.5m of loan notes
o repaid the remaining £0.8m of loan notes post year-end
Operational highlights
· Secured an Extra Large4 contract in the USA, expanded a Medium contract to a Large contract in the Americas, won three Medium contracts in AMEA and Europe, alongside key renewals including a Large European contract with higher fees for a digitally-led service
· £12.6m (2024: £12.8m) investment in proprietary digital platforms, content, communications and technologies, of which £6.7m (2024: £6.7m) was capitalised
o Scaled Ten Box Office globally and expanded Digital Dining through partner integrations, increasing member engagement and digital usage, alongside the development of Talia, Ten's AI-powered member assistant
o Launched Ten Guardian to strengthen service quality, consistency, and efficiency, and enhanced TenMAID to improve quality assurance, communication, and operational performance across global teams
o Launched Ten PX (Personalised Experience) and Ten VoC (Voice of the Customer) platforms, enabling personalised, data-driven engagement and real-time feedback to deepen member experience and enhance service quality
· 7% increase in Active Members5 to 375k (2024: 349k)
· 54% of members said Ten's concierge service was a strong or decisive factor in staying with their sponsoring brand, demonstrating Ten's impact on client loyalty6
Current Trading and Outlook
Trading since the year end has been in line with current market expectations for FY 20267, with the Group on track to deliver greater net revenue growth and improved profitability. Active Members have continued to grow to 387k since year end (FY 2025: 375k), showing strong engagement with the proposition. This reflects the scalability of our leading customer experience platform, continued cost discipline, and the impact of our investments in people, technology and AI.
We continue to benefit from structural market tailwinds, including a growing focus on customer loyalty and retention, the expansion of the experience economy, demand for personalised and valued service offerings, and increased adoption of digital solutions. These trends align with our business model and support the pipeline of demand for Ten's services.
Since the year end, we have launched our Ten Digital Platform to customers of a leading UK bank under an existing Large contract. This extends our presence within financial services and demonstrates the strength of our digital proposition.
The rollout of Talia, Ten's AI-powered member assistant, and the launch of Digital Dining are expected to drive higher engagement and efficiency as adoption increases. We continue to drive organic growth from existing clients while maintaining a healthy pipeline of new opportunities with financial institutions and premium brands, underpinned by our competitive advantage and proven ability to deliver measurable ROI for clients.
With enhanced digital capabilities, a strong and focused team and an engaged client base, we enter the new financial year with confidence. The Group remains focused on profitable and cash-generative growth, maintaining high service standards and converting opportunities that leverage both our technology and our people to create long-term value.
Alex Cheatle, CEO of Ten Lifestyle Group, said;
"Record revenue, profit and active members define a strong year in which we continued to invest successfully in our technology, our 'better than the internet' customer experience, and our competitive moat."
1 Net Revenue includes the direct cost of sales relating to certain member transactions managed by the Group. 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. Supplier revenue is Net Revenue from Ten's supplier base, such as hotels, airlines, and event promoters which sometimes pay commission to Ten.
2 Adjusted EBITDA is operating profit/(loss) before interest, taxation, amortisation, depreciation, share-based payment expense, and exceptional items.
3 Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.
4 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".
5 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".
6 Based on Ten's 2025 global Voice of the Customer (VoC) survey, in which 54% of respondents said that the concierge service was a strong or decisive factor in staying with their sponsoring brand.
7 The Company understands that as at 11 November 2025, market expectations for FY2026 were revenues of £73.0m and Adj. EBITDA of £15.5m.
Analyst Presentation
An online analyst presentation will be held by video link at 9:00am on 12 November 2025.
Investor Webinar
An investor webinar for current and prospective shareholders will take place at 6.00pm on 17 November 2025. The session will provide a deeper look at the Group's results and strategic priorities, with an opportunity to engage directly with the leadership team.
To register for either the analyst presentation or investor webinar, please email investorrelations@tengroup.com to receive joining details.
For further information please visit www.tengroup.com/ or call:
Ten Lifestyle Group plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer
+44 (0)20 7850 2796
Singer Capital Markets Advisory LLP, Nominated Advisor and BrokerCorporate Finance: James Moat / Oliver Platts Corporate Broking: Tom Salvesen / Charles Leigh-Pemberton
+44 (0) 20 7496 3000
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group Plc ('Ten') partners with 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 and entertainment on behalf of over fifty corporate clients. 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 27 years of proprietary expertise delivered from over 20 global offices. Ten was also the first B Corp-certified company on the AIM market, demonstrating its commitment to sustainability, social responsibility and ethical business practices.
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.tengroup.com
Chairman's Statement
This was a year of strong operational performance and technology execution with record profitability and cash generation as well as continued progress in building a scalable, technology-led business. The Group delivered growth across all key financial metrics while further enhancing the talent, digital infrastructure, data systems and governance foundations that support long-term value creation.
Net Revenue increased 4.5% to £65.7m (2024: £62.9m) and Adjusted EBITDA rose 14% to £14.6m (2024: £12.8m) with a record margin of 22.2% (2024: 20.3%). Profit before tax increased more than fivefold to £2.9m (2024: £0.5m), marking Ten's third consecutive year of profitability, showcasing the operational leverage within the business, and its strongest results to date. These outcomes reflect improved operating efficiency, effective cost management and the benefits of sustained investment in our technology platform.
Performance and platform development
The year saw continued progress in developing Ten's proprietary technology and AI systems, designed to enhance speed, accuracy and personalisation across every service channel. The platform now integrates multiple third-party APIs alongside our own digital products to deliver a more seamless experience for members and improved workflow efficiency for our teams.
Ten's business model is diversified across our global footprint by sector, client, segment and proposition, providing strength and resilience in a volatile and uncertain macroeconomic environment.
The Group's focus on scalable architecture and data-driven processes has strengthened both service performance and margin. We have prioritised embedding AI tools in our core business processes, supporting quality assurance, request management and personalised recommendations. These systems not only enhance member experience but also optimise the cost-to-serve model, which remains a key driver of sustainable profit growth.
During the year, the Group secured and launched an Extra Large contract in the USA, expanded a Medium contract to a Large in the Americas and won three Medium contracts in AMEA and Europe, alongside key renewals including a Large European contract with higher fees for a digitally-led service. These wins demonstrate Ten's growing strength in delivering both high-touch and technology-enabled programmes across multiple regions.
The breadth of these partnerships demonstrates the continued relevance of Ten's proposition to leading financial institutions and premium brands seeking to deepen customer engagement through differentiated lifestyle experiences. As our membership grows, each interaction further refines our data assets and personalisation of the experiences we enable, strengthening the loyalty we generate for clients' brands.
Disciplined cost management
The Group ended the period with net cash of £9.7m (H1 2025: £6.8m, FY 2024: £3.9m), reflecting cash generation and a strengthened balance sheet. At the beginning of the year, we successfully raised £5.9m through a secondary placing to support growth from new business and further strengthen the balance sheet. A targeted restructuring programme during the year improved efficiency across service and support functions and aligned resources to strategic priorities. £4.5m of loan notes were repaid during the year with the remaining £0.8m repaid post year-end. Since the end of the year we have put in place a three-year £5.0m Revolving Credit Facility with NatWest, providing flexibility and reduced financing costs.
Governance, people and responsible business
Good governance continues to be a core strength of Ten. The Board remains committed to the QCA Corporate Governance Code and, during the year, adopted the 2023 edition. The Remuneration Committee Report has also been expanded to reflect the updated requirements, improving transparency around pay, performance and policy. Regular reviews of Board composition, committee structure and governance processes help maintain a balance of independence, experience and technical expertise appropriate for a growing, digitally focused business.
The Group strengthened its position as a responsible and sustainable business, maintaining B Corp certification and achieving net zero Scope 2 emissions through reduced energy use, travel and verified offsets. It also expanded the Conscious Collection by more than 200%, giving members greater choice among partners that meet sustainability standards. The Board recognises this as a significant step in embedding sustainability across the business and aligning with client expectations for responsible service partners.
Ten's achievements are the result of the skill and dedication of our team. Across more than twenty markets, they have continued to deliver exceptional outcomes for members while adapting to new technologies and operating models. The Board extends its thanks to all colleagues and to the management team for their leadership and continued commitment to innovation and service excellence.
Summary
The Group delivered higher revenue and record profitability while maintaining disciplined cost control and strong cash generation.
Ten sustained its investment in technology while delivering new products, greater digital capability, efficiency and member engagement. These results demonstrate the unique strength and scalability of Ten's proprietary operating systems and model.
On behalf of the Board, I thank our shareholders for their continued support, our clients and partners for their collaboration, and our employees worldwide for their commitment and professionalism.
Jules Pancholi
Non-Executive Chairman
11 November 2025
Chief Executive's statement
Overview
This was another year of strong operational execution and measurable progress. Every single one of our major financial KPIs improved to record levels. We strengthened our technology platform and member proposition, and delivered record profitability. Net Revenue increased to £65.7m (2024: £62.9m), Adjusted EBITDA rose to £14.6m (2024: £12.8m) with a 22.2% margin (2024: 20.3%), and profit before tax increased more than fivefold to £2.9m (2024: £0.5m). The Group also finished the period with net cash of £9.7m (2024: £3.9m), reflecting disciplined cost management and cash generation, supported by the £5.9m raised at the beginning of the year through a secondary placing to fund growth and strengthen the balance sheet.
We made significant progress in technology and product development, stabilising annual technology investment at around £12m while delivering greater velocity. New systems, tools and products launched this year have strengthened our platform, created new opportunities for business development and improved efficiency.
Revenue grew faster than operating costs, demonstrating the scalability of our model and the strength of our operational execution. Maintaining this balance between growth, efficiency and cost discipline remains central to profitable scaling.
In February 2025, we held successful Capital Markets Days, showcasing Ten's value creation through technology and AI innovation. Engagement with investors and partners was invaluable, and we were energised by the quality of feedback on Ten's proprietary capabilities. We look forward to continued dialogue with stakeholders as we accelerate our technology rollout, personalisation, service optimisation and efficiency enhancements.
Our mission
Our mission is to become the world's most trusted service platform.
Our leading customer experience platform is a combination of our expert people, digital capabilities and partners. Together, they enable us to deliver a consistent, high-quality service that combines 27 years of expertise with the speed, scale and precision of technology.
Our leading customer experience platform
We developed and beta tested Talia, Ten's AI-powered member assistant, designed to help members discover, book and manage experiences more easily. Talia improves speed, accuracy and consistency, and will play a central role in delivering scalable, always-on service.
Our world-leading Digital Dining proposition expanded through deeper integration with market-leading API partners, alongside our own dining assets. These expanded offerings give members access to more than 60,000 fully bookable restaurants across 100+ countries, enabling faster, more intelligent research and booking, supported by our local expertise and supplier relationships.
We also enhanced our internal systems to improve accuracy and efficiency. Ten Guardian and TenMAID strengthened quality assurance, communication and consistency across global teams. Ten PX and Ten VoC improved personalisation and real-time feedback, allowing us to measure and enhance member experience continuously. Together, these developments are transforming how we deliver service, combining people, data and technology to create a platform that scales efficiently while maintaining the premium experience our members expect.
The Group secured an Extra Large contract in the USA, expanded a Medium contract to a Large in the Americas and won three Medium contracts in AMEA and Europe, alongside key renewals including a Large European contract with higher fees for a digitally-led service. These wins demonstrate the continued relevance of our proposition to leading financial institutions and premium brands. Our services deliver measurable ROI for clients, with 54% of members saying the concierge service was a strong or decisive factor in staying with their sponsoring brand.
Our two-sided marketplace continues to strengthen, with growing member demand attracting more high-quality suppliers and experiences, which in turn drive greater engagement and loyalty for our clients' brands.
Our operations and people
Operational efficiency improved as automation and system enhancements enabled teams to focus on higher-value member requests. We continued to evolve workflows, enhance routing logic and expand our use of AI-based quality assurance to improve consistency across service channels.
Our supplier network remains a core asset. Deep partnerships with many of the world's most recognised hotels, restaurants and ticketing partners deliver access, preferential pricing and exclusive benefits for our members, which in turn strengthened the value proposition for our corporate clients.
I am proud of the professionalism and care shown by our teams across all markets. They adapted quickly to new tools, delivered meaningful improvements and maintained high service standards. My thanks to everyone at Ten for their commitment and the results they achieved this year. This combination of people, technology and partnerships continues to translate into measurable value for our clients.
Alex Cheatle
Chief Executive Officer
11 November 2025
Financial Review
Net Revenue grew to £65.7m (2024: £62.9m) and was up £4.2m (7.1%) at constant currency. Adjusted EBITDA of £14.6m (2024: £12.8m) increased by 14% (3% at constant currency), resulting in an improved Adjusted EBITDA margin of 22.2% (2024: 20.3%). Profit before tax was £2.9m (2024: £0.5m).
Summary P&L
2025
2024
£m
£m
Revenue
69.6
67.3
Corporate revenue
57.9
55.3
Supplier revenue
7.8
7.6
Net Revenue
65.7
62.9
Operating expenses and other income
(51.1)
(50.1)
Adjusted EBITDA
14.6
12.8
Adjusted EBITDA %
22.2%
20.3%
Depreciation
(2.9)
(3.3)
Amortisation
(6.1)
(5.8)
Share-based payments
(0.2)
(0.9)
Exceptional items charge
(0.7)
(0.7)
Operating profit before interest and tax
4.7
2.1
Net finance expense and FX
(1.8)
(1.6)
Profit before taxation
2.9
0.5
Taxation (expense)/credit
(0.5)
0.5
Profit for the period
2.4
1.0
Net cash
9.7
3.9
Adjusted EBITDA
Adjusted EBITDA is not a statutory measure, however, 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 exceptional charges and share-based payment expenses and related taxes.
Revenue and Net Revenue
Revenue for the twelve months to 31 August 2025 was £69.6m (2024: £67.3m). Net Revenue grew 4.5% to £65.7m (2024: £62.9m) (£67.1m at constant currency), broadly in line with market expectations of £68m. Net Revenue includes the direct cost of sales related to member transactions where Ten acts as the principal service provider, capturing the full scope of member transactions managed by the Group.
Corporate revenue grew to £57.9m (2024: £55.3m). The launch of an Extra Large contract in the Americas and a medium contract in AMEA at the start of the year supported the revenue growth on top of a resilient base business.
Supplier revenue increased to £7.8m from £7.6m, reflecting a consistent demand for supplier-driven offerings.
The graph below provides a five-year history of Net Revenue.
Net Revenue
2025
2024 £m
2023 £m
2022 £m
2021 £m
Corporate revenue
57.9
55.3
55.6
41.1
31.9
Supplier revenue
7.8
7.6
7.4
5.7
2.8
65.7
62.9
63.0
46.8
34.7
Contract analysis
The following tables set out an analysis of our contracts by size and by region. We have analysed only our Material Contracts. Note, the contract size is 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. This does not include the revenue generated from supplier partners through the provision of these concierge services.
Contract by size
2025
2024
change
Extra Large
4
3
1
Large
7
6
1
Medium
20
20
-
31
29
2
Contract by region
2025
2024
change
Europe
8
8
-
Americas
10
10
-
AMEA
12
10
2
Global
1
1
-
31
29
2
During the year, the Group won and launched an Extra Large contract and expanded a Medium contract to a Large in the Americas region. Three additional Medium contracts were launched in AMEA and Europe. Two Medium contracts contracted or did not renew.
Regional analysis
While there is a clear overlap between the geographic locations 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
2025 £m
2024 £m
% change
Europe
25.6
26.4
(3%)
Americas
24.4
25.0
(2%)
AMEA
15.7
11.5
37%
65.7
62.9
4%
Net Revenue in Europe decreased by 3% to £25.6m (2024: £26.4m) (£25.8m at constant currency), reflecting the impact of the Large contract loss in H2 of the prior year, offset by sustained activity across key corporate contracts. This stability reflects strong member engagement and steady supplier revenue in the region.
Net Revenue in the Americas decreased slightly by 2% to £24.4m (2024: £25.0m) (£25.3m at constant currency), primarily due to clients deferring growth in anticipation of our digital rollout as well as some US Dollar exchange rate headwinds. Offsetting this, the launch of the new Extra Large contract and the expansion of an existing Medium contract into a Large over the year shows a strong proposition in the region, supported by existing member demand and engagement.
Net Revenue in AMEA increased by 37% to £15.7m (2024: £11.5m) (£16.0m at constant currency). The strong growth in this region was supported by two contract launches and 100% contract retention in the region, bolstered by sustained member demand and new business activity, which continues to strengthen the Group's presence and market penetration across the region.
Operating expenses and other income
Operating expenses and other income totalled £51.1m (2024: £50.1m), reflecting a slight increase of £1.0m, showing strategic management of the cost base alongside growing revenue as well as benefiting from favourable foreign exchange movements in the Americas. Total full-time equivalent (FTE) employees was 1,188 at the year end (2024: 1,268), a reduction of 97 FTEs as the Group continues to invest in technology and infrastructure to optimise service delivery and enhance profitability.
Regional Adjusted EBITDA
The Group's Adjusted EBITDA increased to £14.6m (2024: £12.8m) (£13.2m at constant currency). By excluding £0.7m of set up costs and £0.6m net impact of contract loss, results in an underlying Adjusted EBITDA of £14.5m at constant rate. Adjusted EBITDA margin was 22.2% (2024: 20.3%). Adjusted EBITDA includes expenses aside from depreciation of £2.9m (2024: £3.3m), amortisation of £6.1m (2024: £5.8m), exceptional items of £0.7m (2024: £0.7m), and share-based payments of £0.2m (2024: £0.9m).
Following the allocation of central costs, including IT infrastructure, software development, property, senior management, and other central expenses, the Adjusted EBITDA by region is presented below:
Adjusted EBITDA
2025
2024
Change
£m
£m
£m
Europe
9.3
10.4
(1.1)
Americas
1.0
0.6
0.4
AMEA
4.3
1.8
2.5
Total
14.6
12.8
1.8
Adjusted EBITDA Margin
2025
2024
Change
%
%
%
Europe
36.3%
39.4%
-3.1
Americas
4.1%
2.4%
+1.7
AMEA
27.4%
15.7%
+11.7
Total
22.2%
20.3%
+1.9
Europe
Adjusted EBITDA for Europe decreased by £1.1m to £9.3m (2024: £10.4m). This decrease was primarily driven by the Large contract lost in H2 of the prior year, the effects of which being fully seen in the current year offset by continued operational efficiencies and Supplier Revenue growth to mitigate some of the contract loss.
Americas
Adjusted EBITDA in the Americas rose to £1.0m (2024: £0.6m), due to new and expanded contracts in the region, as well as favourable exchange rate effects on costs. The Group also continued to maintain and invest in resources to support future growth.
AMEA
AMEA's Adjusted EBITDA more than doubled to £4.3m (2024: £1.8m), with the region benefiting from both the new contract launches and base business growth. The enhanced member activity across key markets as well as continuing operational efficiencies, which supported increased profitability and margin.
Amortisation
Amortisation costs, relating to the internal platform (Ten MAID) and the member-facing platforms, were £6.1m (2024: £5.8m), reflecting continued investment in technology to drive improvements in service levels, efficiency, and competitive advantage. The increase from the prior year is attributable in part to the realisation of a full year of amortisation of costs capitalised over the course of the previous financial year, as well as increased investment in our Artificial Intelligence (AI) capabilities.
Net finance expense
Net finance expense in the year was £1.8m (2024: £1.6m); the expense included loan interest of £0.4m (2024: £0.6m), IFRS 16 lease interest expense of £0.6m (2024: £0.4m) as well as foreign exchange losses on the translation of inter-company balances in the year of £0.7m (2024: £0.6m).
Loan interest decreased following the repayment of £1.45m of related party loans at the start of the current financial year, reducing the principal amounts on which interest was incurred over the year. In August 2025, £3.1m of loan notes were repaid on due date and since year end, the Group has repaid £0.8m of the remaining loan notes.
The increase in IFRS 16 lease interest is as a result of leases having been renewed, modified or entered into over the course of the year.
Share-based payments
The share-based payments expense in the year was £0.2m (2024: £0.9m). These related to share-based payments expense reflecting share grants made under management incentive plans in the year (see note 29).
Exceptional items expense
The exceptional items expense was £0.7m (2024: £0.7m). The expenses incurred principally related to specific restructuring programmes across the Group. This impacted a number of functions, both service and support functions as we reset our cost base and realigned some management structures to better support the Group going forward.
Profit before tax
The Group generated a profit before tax for the third consecutive year, achieving a record profit before tax of £2.9m (2024: £0.5m). The increase from the prior year is primarily driven by revenue growth and effective cost management as well as some foreign exchange benefit on costs.
Taxation
The Group incurred a tax expense of £0.5m (2024: tax credit of £0.5m), as sustained levels of profit before tax have resulted in tax charges across the Group. The tax expense comprises of a current tax charge of £0.7m (2024: £0.8m), offset by a deferred tax credit of £0.2m (2024: £1.3m).
Earnings per share (basic, diluted and underlying)
The profit for the year was £2.4m (2024: £1.0m), resulting in a basic profit per share (excluding treasury shares) of 2.5p (2024: 1.2p) and diluted profit per share of 2.4p (2024: 1.1p).
Underlying earnings per share is calculated by adjusting the profit attributable to equity shareholders for exceptional items of £0.7m (2024: £0.7m) along with deferred tax arising from the recognition of historical losses of £0.3m (2024: £1.7m), resulting in a basic underlying EPS of 3.0p (2024: 0.0p) and diluted underlying EPS of 2.9p (2024: 0.0p).
The Board does not recommend the payment of a dividend.
Group cash flow
Summary Group Cash Flow
£m
2025
2024
£m
£m
Profit before tax
2.9
0.5
Net finance expense
1.8
1.5
Working capital changes
(2.9)
(1.0)
Non-cash items (share based payments, depreciation and amortisation charges, exceptional items)
9.1
10.0
Operating cash flow
10.9
11.0
Capital expenditure
(0.8)
(0.3)
Investment in intangibles
(6.7)
(6.7)
Taxation
(0.3)
(1.2)
Cash inflow
3.1
2.8
Cash flows from financing activities
Receipts issue of shares
5.7
1.1
Loan receipts
-
1.1
Loan repayments
(4.5)
(0.3)
Loan payments - Invoice Discounting Facility
(0.2)
(0.1)
Repayment of leases and net interest
(3.0)
(3.7)
Net cash used in financing activities
(2.0)
(1.9)
Foreign currency movements
0.2
0.2
Net increase in cash and cash equivalents
1.3
1.1
Cash and cash equivalents
10.6
9.3
Net cash
9.7
3.9
Cash generated from operations was £10.9m (2024: £11.0m). Non-cash items in the year of £9.1m (2024: £10.0m) was substantially made up of depreciation of £2.9m and amortisation charges of £6.1m for the year.
The expenditure that was capitalised on IT equipment and infrastructure, the Ten Digital Platform and TenMAID totalled £6.7m (2024: £6.7m) as we continue to invest in our technology.
Net cash used in financing activities of £2.0m is primarily due loan note repayments of £4.5m and IFRS 16 lease payments and interest of £2.9m (2024: £3.7m), offset by receipts from the issuance of equity of £5.7m (2024: £1.1m).
This has led to an overall increase in cash of £1.3m during the year (2024: £1.1m), with net cash at £9.7m (2024: £3.9m).
Group balance sheet
Summary balance sheet
2025
2024
£'m
£'m
Intangible assets
16.7
16.3
Property, plant and equipment
0.9
0.6
Right-of-use assets
7.8
5.5
Deferred tax assets
4.7
5.0
Cash
10.6
9.3
Other current assets
14.2
12.5
Current lease liabilities
(1.8)
(1.2)
Current liabilities
(19.0)
(19.8)
Short term borrowings
(0.9)
(4.4)
Non-current lease liabilities
(6.5)
(4.4)
Long-term borrowings
-
(1.0)
Net assets
26.7
18.4
Share capital/share premium
38.2
32.5
Reserves
(11.5)
(14.1)
Total equity
26.7
18.4
Net assets were £26.7m (2024: £18.4). The growth in the year is driven by the issue of additional shares at the start of the financial year in addition to increased profitability. The Group has also continued to invest in its digital platforms driving the increase in intangible assets.
Key Financial Performance Indicators (KFPIs)
Management accounts are prepared on a monthly basis and include KPIs covering revenue, Adjusted EBITDA, Profit before tax, 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:
2025
2024
2023
2022
Net Revenue (£m)
65.7
62.9
63.0
46.8
Corporate (£m)
57.9
55.3
55.6
41.1
Supplier (£m)
7.8
7.6
7.4
5.7
Net Revenue growth %
4%
0%
35%
35%
Adjusted EBITDA
14.6
12.8
12.0
4.9
Adjusted EBITDA Margin %
22.2%
20.3%
19.1%
10.4%
Profit/(loss) before tax
2.9
0.5
0.9
(3.8)
Net cash (£m)
9.7
3.9
3.7
3.2
Material Contracts
31
29
28
28
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 and technology updates. The Group's performance has recovered strongly since the COVID impacted 2022 year.
Going concern
The impact of plausible adverse macroeconomic scenarios on the Group's business still warrants focus and ongoing management. The Group is particularly exposed to the adverse impact on variable revenues from these scenarios as well as the risk of corporate revenue contracts not being renewed.
The Group has set its budget for 2026 and forecast for the following year. 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 25% reduction in variable revenues in addition to a reduction of 50% on conversion of new business pipeline 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.
Since the year end, the Group has secured a three‐year £5.0m revolving credit facility (RCF) with NatWest to support the Group's short‐term working capital requirements. 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, all of which was settled in full after year-end.
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 and maintain covenants compliance. 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 overall cost base whilst continually assessing compliance with the RCF covenants in place.
Post Year End events
Since the end of the year, the Group has:
· Repaid all loan notes, with £4.5m repaid during the year and the remaining loan notes of £0.8m repaid following the end of the period.
· Settled the outstanding amount payable on the invoice discounting facility at year-end, and terminated the facility.
· Secured a three‐year £5.0m revolving credit facility with NatWest to support the Group's short‐term working capital requirements. 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.
· Launched the Ten Digital Platform to customers of a leading UK bank under an existing Large contract.
· Signed and launched a digitally enabled concierge contract with a leading global technology company, marking progress in expanding beyond financial services. The contract, initially in the US, has potential to scale.
Alan Donald
Chief Financial Officer
11 November 2025
Consolidated Statement of Comprehensive Income for the year ended 31 August 2025
Note
2025
2024
£'000
£'000
Revenue
4
69,612
67,264
Cost of sales on principal member transactions
(3,898)
(4,361)
Net revenue
4
65,714
62,903
Other cost of sales
(2,141)
(1,957)
Gross profit
63,573
60,946
Administrative expenses
(59,236)
(59,601)
Other income
406
731
Operating profit before amortisation, depreciation, interest, share-based payments, exceptional items, and taxation ("Adjusted EBITDA")
14,570
12,801
Depreciation
18 & 19
(2,841)
(3,332)
Amortisation
17
(6,067)
(5,770)
Share-based payment expense
29
(207)
(900)
Exceptional items
5
(712)
(723)
Operating profit
6
4,743
2,076
Net finance expense
13
(1,805)
(1,539)
Profit before taxation
2,938
537
Taxation(expense)/credit
14
(538)
485
Profit for the year
2,400
1,022
Other comprehensive(loss)/income:
Foreign currency translation differences
(133)
170
Total comprehensive profit for the year
2,267
1,192
Basic profit per ordinary share
15
2.5p
1.2p
Diluted profit per ordinary share
15
2.4p
1.1p
Basic underlying profit per ordinary share
15
3.0p
0.0p
Diluted underlying profit per ordinary share
15
2.9p
0.0p
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 2025
Company No: 08259177
Note
2025
2024
£'000
£'000
Non-current assets
Intangible assets
17
16,749
16,349
Property, plant, and equipment
18
886
636
Right of use assets
19
7,762
5,489
Deferred tax asset
16
4,704
4,957
Total non-current assets
30,101
27,431
Current assets
Inventories
45
55
Trade and other receivables
21
14,063
12,408
Cash and cash equivalents
23
10,624
9,267
Total current assets
24,732
21,730
Total assets
54,833
49,161
Current liabilities
Trade and other payables
24
(18,457)
(19,231)
Provisions
25
(597)
(598)
Lease liabilities
27
(1,766)
(1,236)
Borrowings
26
(854)
(4,389)
Total current liabilities
(21,674)
(25,454)
Net current liabilities
3,058
(3,724)
Non-current liabilities
Borrowings
26
-
(1,011)
Lease liabilities
27
(6,475)
(4,360)
Total non-current liabilities
(6,475)
(5,371)
Total liabilities
(28,149)
(30,825)
Net assets
26,684
18,336
Equity
Called up share capital
28
96
87
Share premium account
38,087
32,389
Merger relief reserve
1,993
1,993
Treasury reserve
606
606
Foreign exchange reserve
(1,074)
(941)
Retained deficit
(13,024)
(15,798)
Total equity
26,684
18,336
Consolidated Statement of Changes in Equity for the year ended 31 August 2025
Note
Called up 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 2023
85
31,272
1,993
(1,111)
606
(17,682)
15,163
Profit for the year
-
-
-
-
-
1,022
1,022
Foreign exchange
-
-
-
170
-
-
170
Total comprehensive income for the year
-
-
-
170
-
1,022
1,192
Equity-settled share-based payments charge
29
-
-
-
-
-
862
862
Issue of new share capital
2
1,117
-
-
-
-
1,119
Balance at 31 August 2024
87
32,389
1,993
(941)
606
(15,798)
18,336
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
29
-
-
-
-
-
374
374
Balance at 31 August2025
96
38,087
1,993
(1,074)
606
(13,024)
26,684
Consolidated Statement of Cash Flows for the year ended 31 August 2025
Note
2025
2024
£'000
£'000
Cash flows from operating activities
Profit for the year, after tax
2,400
1,022
Adjustments for:
Taxation expense/(credit)
14
538
(485)
Net finance expense
13
1,805
1,539
Amortisation of intangible assets
17
6,067
5,770
Depreciation of property, plant, and equipment
18
493
502
Depreciation of right-of-use asset
19
2,348
2,830
Equity-settled share-based payment expense
29
207
862
Movement in working capital:
Decrease in inventories
10
456
Increase in trade and other receivables
(1,655)
(801)
Decrease in trade and other payables
(1,319)
(631)
Cash generated from operations
10,894
11,064
Tax paid
(305)
(1,175)
Net cash from operating activities
10,589
9,889
Cash flows from investing activities
Purchase of intangible assets
17
(6,705)
(6,725)
Purchase of property, plant, and equipment
18
(733)
(294)
Finance income
13
21
6
Net cash used by investing activities
(7,417)
(7,013)
Cash flows from financing activities
Lease liability repayments
27
(1,879)
(2,801)
Net receipts from invoice discounting
26
(219)
(109)
Interest paid
(409)
(577)
Interest paid on IFRS 16 lease liabilities
27
(640)
(408)
Cash receipts from issue of share capital
5,708
1,119
Loan receipts - loan notes
26
-
1,075
Loan payments - loan notes
26
(4,546)
(300)
Net cash used by financing activities
(1,985)
(2,001)
Foreign currency cash and cash equivalents movements
170
163
Net increase in cash and cash equivalents
1,357
1,038
Cash and cash equivalents at beginning of period
9,267
8,229
Cash and cash equivalents at end of period
Cash at bank and in hand
10,624
9,267
Cash and cash equivalents
10,624
9,267
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 2025 or 2024. Statutory accounts for the years ended 31 August 2024 and 31 August 2025, which were approved by the Directors on 11 November 2025, have been reported on by the Independent Auditors. The Independent Auditors' Reports on the Annual Report and Financial Statements for each of 2024 and 2025 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 2024 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 August 2025 will be delivered to the Registrar in due course, and are available from the Company's registered office at 9th Floor, Regent's Place, 338 Euston Road, London NW1 3BG and are available from the Company's website: https://www.tenlifestylegroup.com/investors.
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 2024. 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 consolidated financial statements have been prepared on a going concern basis. The ability of the Company 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 economic conditions continue to create uncertainty, particularly over (a) corporate members' engagement; and (b) supplier revenue volumes. The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group expects to be able to operate within the level of its current cash resources. Having assessed the principal risks and the other matters discussed in connection with the going concern statement, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the consolidated financial statements.
From our budget base case, a stress scenario of 25% reduction in variable revenues in addition to a reduction of 50% of conversion of new business pipeline 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.
Since the year end, the Group has secured a three‐year £5.0m revolving credit facility (RCF) with NatWest to support the Group's short‐term working capital requirements. 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, all of which was settled in full after year-end.
Overall, the Directors have prepared cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements, which foresee that the Group will be able to operate within its existing working capital facilities and external financing and covenant requirements.
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, Asia-Pacific, the Middle East and Africa (AMEA) and North and South America ("the Americas"). 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.
2025
2024
£'000
£'000
Europe
25,632
26,379
Americas
24,403
25,006
AMEA
15,679
11,518
Net Revenue
65,714
62,903
Add back: cost of sales on principal transactions
3,898
4,361
Revenue
69,612
67,264
Europe
9,270
10,444
Americas
1,042
604
AMEA
4,258
1,753
Adjusted EBITDA
14,570
12,801
Amortisation
(6,067)
(5,770)
Depreciation
(2,841)
(3,332)
Share-based payment expense and national insurance
(207)
(900)
Exceptional items
(712)
(723)
Operating profit
4,743
2,076
Foreign exchange loss
(740)
(507)
Other net finance expense
(1,065)
(1,032)
Profit before taxation
2,938
537
Taxation credit
(538)
485
Profit for the year
2,400
1,022
Statutory revenue for the Americas and AMEA segments is the same as the Net Revenue amounts disclosed above. Statutory revenue for the Europe segment was £29,530k (2024: £30,740k).
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:
Segmental reporting continued
2025
2024
£'000
£'000
Direct concierge service revenue
55,610
52,835
Offers and benefits revenue
927
949
Indirect concierge service revenue
11,676
11,982
Digital platform revenue
1,399
1,498
Gross revenue
69,612
67,264
2025
2024
£'000
£'000
Corporate revenue
57,936
55,282
Supplier revenue
11,676
11,982
Total revenue
69,612
67,264
Supplier revenue (cost of sales on principal member transactions)
(3,898)
(4,361)
Net Revenue
65,714
62,903
2025
2024
£'000
£'000
Revenue from services as principal
62,819
60,640
Revenue from services as agent
6,793
6,624
69,612
67,264
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, 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.
Two corporate clients (2024: three) generated more than 10% of total revenue each during the year ended 31 August 2025. The total combined revenue of these corporate clients was £20.4m (2024: £24.8m) and was mainly included in the Europe and Americas segments.
4. Exceptional items
2025
2024
£'000
£'000
Restructuring costs
712
723
712
723
The Group recognised an exceptional charge relating to restructuring costs of £712k (2024: £723k). The cost is made up of redundancy costs and other once-off costs incurred during the year of £712k.
5. Income tax expense
2025
2024
£'000
£'000
Current tax
Local taxes related to current year
61
-
Foreign taxes related to current year
751
966
Prior year adjustments
(74)
(152)
Deferred tax
Original and reversal of timing differences
78
439
Historical losses recognised
(278)
(1,738)
Total tax expense/(credit)
538
(485)
The tax credit for the year can be reconciled to the income statement as follows:
2025
2024
£'000
£'000
Profit before taxation
2,938
537
Expected tax expense based on a corporation tax rate of 25% (2024: 25%)
735
134
Effect of expenses not deductible in determining taxable profit
343
133
Effect of taxes related to previous years
(74)
(152)
Origination and reversal of timing differences
78
439
Recognition of historical tax losses
(278)
(1,738)
Overseas tax rate differences
(266)
699
Taxation expense/(credit) for the year
538
(485)
6. Earnings per share
Basic earnings per share
2025
2024
£'000
£'000
Profit attributable to equity shareholders of the parent
2,400
1,022
Weighted average number of ordinary shares in issue (net of treasury)
95,162,382
85,850,877
Basic profit (pence)
2.5p
1.2p
Basic profit per ordinary share
Basic profit per ordinary share is calculated by dividing the net result for the year attributable to shareholders by the weighted number of ordinary shares outstanding during the year (2024: 1.2p).
Diluted earnings per share
2025
2024
£'000
£'000
Profit attributable to equity shareholders of the parent
2,400
1,022
Weighted average number of ordinary shares in issue (net of treasury)
99,019,951
89,216,913
Diluted profit per share (pence)
2.4p
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 year, the diluted loss per share is the same as the basic loss per share as the loss has an anti-dilutive effect.
Underlying earnings per share
2025
2024
£'000
£'000
Profit attributable to equity shareholders of the parent
2,400
1,022
Excluding exceptional items and taxes Exceptional items
712
723
Recognition of historical tax losses
(278)
(1,738)
Underlying profit attributable to equity shareholders of the parent
2,834
7
Basic weighted average number of ordinary shares in issue (net of treasury)
95,162,382
85,850,877
Basic underlying profit per share (pence)
3.0p
0.0p
Diluted weighted average number of ordinary shares in issue (net of treasury)
99,019,951
89,216,913
Diluted underlying profit per share (pence)
2.9p
0.0p
Underlying earnings per ordinary share
Underlying earnings per share is calculated by adjusting the profit attributable to equity shareholders for exceptional items (note 5) 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. Deferred tax
Deferred Tax
2025
2024
£'000
£'000
(Charged)/Credited to the statement of comprehensive income
Historical losses
(76)
1,738
Movement in other temporary differences
(177)
(439)
Deferred tax
Intangible assets
Capital allowances
Losses
Other temporary differences
Total
£'000
£'000
£'000
£'000
£'000
Closing balance as at 31 August 2024
(2,130)
724
6,098
265
4,957
(Charged)/Credited to the statement of comprehensive income
Movement in deferred tax balances
(111)
(19)
-
(47)
(177)
Utilisation of historical losses
-
-
(354)
-
(354)
Recognition of historical losses
-
-
278
-
278
Closing balance as at 31 August 2025
(2,241)
705
6,022
218
4,704
As at 31 August 2025, the Group has unused tax losses of £53.4m (2024: £54.8m) that are available for offset against future taxable profits. During the year ended 31 August 2025, a deferred tax asset has been recognised in respect of £24.7m of such losses (2024: £24.7m). Due to uncertainty as to the level and timing of taxable profits in the future, no deferred tax asset has been recognised in respect of the remaining £28.7m (2024: £30.1m). The losses that remain unrecognised are not expected to expire. Further information about the recoverability of the recognised deferred tax asset is contained in the "Critical Accounting Estimates and Judgements" section of these notes.
8. Intangible assets
Capitalised development costs
Website
Total
£'000
£'000
£'000
Cost
At 31 August 2023
48,768
1,909
50,677
Additions
6,725
-
6,725
At 31 August 2024
55,493
1,909
57,402
Additions
6,705
-
6,705
Disposals
(238)
-
(238)
At 31 August 2025
61,960
1,909
63,869
Accumulated amortisation
At 31 August 2023
33,374
1,909
35,283
Charge for the year
5,770
-
5,770
At 31 August 2024
39,144
1,909
41,053
Charge for the year
6,067
-
6,067
At 31 August 2025
45,211
1,909
47,120
Carrying amount
At 31 August 2024
16,349
-
16,349
At 31 August 2025
16,749
-
16,749
All additions are related to internal expenditure. The useful economic lives of the capitalised development platforms and website are assessed to be between two to five years.
9. 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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