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(Alliance News) - Technology-focused concierge service provider Ten Lifestyle Group PLC said Monday it expects its annual loss to be ahead of expectations as it continues to pursue growth opportunities.
For the year ended August, Ten anticipates net revenue to be in line with the GBP45.7 million consensus market expectation. This would be up 22% from the GBP37.4 million reported the year prior.
The adjusted earnings before interest, taxes & amortisation loss is, however, forecast to be "ahead" of the GBP4.7 million consensus expectation. In financial 2018, Ten Lifestyle's adjusted Ebita loss was GBP3.9 million.
Ten also expects net cash to stand at GBP12 million at the year end, compared to the GBP9.8 million forecast by the market.
"We are pleased that all new contracts announced during the financial year have either launched or are being rolled out in the coming months," Ten Lifestyle Chief Executive Officer Alex Cheatle said.
"Ten is now engaged with new verticals, including the TMT sector and Employee Loyalty, as well as continuing its growth in the financial services industry," Cheatle added. "The company's pipeline of new business remains strong."
Shares in Ten Lifestyle were 3.5% higher at 119.00 pence in London on Monday. Full-year results are due to be released on November 26.
