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(Sharecast News) - Travel service platform provider Ten Lifestyle Group warned on revenues on Monday as it said the Covid-19 pandemic had "significantly impacted" trading, and announced a voluntary salary sacrifice.
The company said its business model allowed it to continue to deliver services relevant to its members and corporate clients, given that revenue was driven "substantially" from service delivery rather than the conversion of bookings.
The AIM-listed group said its "robust operating model and business continuity plans" had enabled it to migrate staff, where required, to working from home, maintaining PCI compliance with no service interruption.
However, Ten acknowledged that travel bookings had been "significantly impacted", with high levels of cancellations and refunds.
"This will impact revenue from commission payments until global travel begins to recover," warned Ten. "Furthermore, self-isolation will reduce restaurant and entertainment requests and there is no certainty that our new types of activity, relevant to people at home, will fully compensate for this impact in the months beyond March."
In terms of cost-saving efforts, Ten Lifestyle has undertaken successful renegotiations with key suppliers, a review of projects to focus on the most strategic core investments, a freeze on employee bonuses and voluntary salary sacrifice in exchange for share option grants.
Ten's chief executive, chief operational officer, client services director, chief financial officer and president were all taking part in the sacrifice, leading to a total cash saving of £800,000 over a four-month period.
"Given the ongoing uncertainty around the Coronavirus pandemic, these measures will help Ten maintain a healthy financial position and help ensure its ability to finance ongoing operations," it said.
As of 0900 BST, Ten shares were down 6.98% to 50p.
26 Jul 2022 22:16
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