REG - Ten Lifestyle Group - Preliminary Results 2025
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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 Revenue(1), 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 EBITDA(2), up £1.8m to £14.6m (2024: £12.8m),
£13.2m at constant currency
· Record Adjusted EBITDA margin(3), 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 Large(4) 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 Members(5) 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 loyalty(6)
Current Trading and Outlook
Trading since the year end has been in line with current market expectations
for FY 2026(7), 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 (mailto:investorrelations@tengroup.com)
to receive joining details.
For further information please visit www.tengroup.com/
(http://www.tengroup.com/) or call:
Ten Lifestyle Group plc +44 (0)20 7850 2796
Alex Cheatle, Chief Executive Officer
Alan Donald, Chief Financial Officer
Singer Capital Markets Advisory LLP, Nominated Advisor and Broker Corporate +44 (0) 20 7496 3000
Finance: James Moat / Oliver Platts
Corporate Broking: Tom Salvesen / Charles Leigh-Pemberton
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group Plc (http://www.tengroup.com/) ('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 (http://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 2023 2022 2021
£m £m £m £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 2024 % change
£m £m
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, 9.1 10.0
exceptional items)
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:
2024 2023 2022
2025
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 14,570 12,801
payments, exceptional items, and taxation ("Adjusted EBITDA")
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 August 2025 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
(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 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 712 723
Exceptional items
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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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Ten Lifestyle
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