Ten Lifestyle - solid H122 Apr 2026 15:55
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Ten Lifestyle Group delivered a solid first half, with results showing continued profitable growth, good operational leverage and encouraging contract momentum. Net Revenue increased 6% to £33.7m, or 9% in constant currency, while adjusted EBITDA rose 16% to £7.0m, with the margin improving to 20.7% from 18.9%. That margin expansion is important, as it suggests the business is scaling well despite continued investment in technology and product development. The operational picture was also strong. Active Members rose 23% to 436k, supported by higher engagement with the digital platform. This translated into better efficiency, with Net Revenue per FTE up 11% and operating expenses per request down 9%. That supports management’s argument that its digital investment is not just defensive spend, but is improving service delivery and the cost base at the same time. The strategic message is centred on Ten’s digital transition. The group continues to invest heavily in proprietary platforms, AI and communications, with £6.3m invested in the half, of which £3.4m was capitalised....
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