Ten Lifestyle Group PLC - London-based lifestyle and travel services company - Posts net revenue of GBP30.9 million for the six months ended on February 28, up 49% from GBP20.8 million a year earlier. Says the increase is driven by higher activity across the existing business as well as new mandates won and launched. Swings to a pretax profit of GBP400,000 from a loss of GBP3.2 million. Adjusted earnings before interest, tax, depreciation and amortisation is GBP5.0 million, up from GBP4.1 million. Looking ahead, Ten continues to develop its proposition and technology. Says its expectations for the full financial year are unchanged.
Chief Executive Officer Alex Cheatle says: "We are pleased to report our first profit before tax since our [initial public offering] in 2017, which provided capital to invest primarily in new geographical markets and technology. Our digital platform is now rolled out in over 40 countries. We reported an impressive 49% net revenue growth year-on-year, meaning Ten is well positioned to continue to drive our growth engine, even as we target sustained cash generation."
Current stock price: 80.10 pence each, up 1.7% on Wednesday at noon in London
12-month change: up 31%
By Xindi Wei, Alliance News reporter
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Ten Life (TENG)