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(Alliance News) - Ten Lifestyle Group PLC on Wednesday said it expects annual earnings to be ahead of market consensus.
The London-based lifestyle and travel services company issued a trading update ahead of publishing its preliminary results for the year ended August 31 towards the end of November.
Ten Lifestyle expects to report revenue of GBP63 million, achieving 35% year-on-year growth for the second year running. In financial 2022, it reported GBP46.8 million in revenue.
This revenue performance is a record for Ten, the company said, and is "modestly" ahead of market expectations of GBP62 million.
Adjusted earnings before interest, tax, depreciation and amortisation is expected to be about GBP12 million, more than double on the prior year's GBP4.9 million. This is in line with market expectations of GBP11.9 million.
As planned, Ten said it "has continued to invest in technology, including into artificial intelligence, throughout the year to drive improvements in service levels, efficiencies and Ten's competitive advantage."
Chief Executive Office Alex Cheatle said: "I am delighted with our performance for the year ended 31 August 2023. We have retained all of our key corporate clients and achieved record revenue and profitability. We are well positioned with a healthy pipeline of new business."
Shares in Ten Lifestyle were up 2.8% to 102.00 pence each in London on Wednesday afternoon.
By Sophie Rose, Alliance News reporter
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