(Alliance News) - Ten Lifestyle Group PLC on Monday said it has secured a number of new contracts, and renewed existing ones, and continues to develop a "healthy pipeline".
The London-based lifestyle and travel services company said it has expanded its deal with an existing financial services client in the Americas as a result of high member engagement rates and utilisation. It said the contract has been increased to a "large" deal, meaning the value is between GBP2 million and GBP5 million, from a "medium" one, with a value between GBP250,000 and GBP2 million.
It said the contract will generate additional revenue from March 2024.
The firm said it has also signed a new contract with a global private bank with customers across Asia, the Middle East, and Africa. It said it will launch its digitally-enabled travel and lifestyle service in these regions in the first half of 2024.
Ten Lifestyle will also launch its services to affluent customers in Europe, following a deal with a niche business-to-business financial services client. It said the deal will grow to a "medium" contract in 2024.
The company added that it has expanded an existing Large contract to deliver concierge services into a "significant" national market in the AMEA region, and signed a new deal to deliver a customer offers and events programme in Europe, which it said is a Small contract.
Chief Executive Alex Cheatle said: "Our pipeline of new business is, as expected, producing new mandates from both new and existing corporate clients, including via continued geographic and customer vertical expansion, demonstrating the high impact of our increasingly efficient customer loyalty platform. We continue to develop a healthy pipeline of new business."
"We have also successfully secured key contract renewals and extensions with existing corporate clients on improved pricing terms, whilst retaining all existing Material Contracts."
Ten Lifestyle shares rose 3.3% to 88.85 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Ten Life (TENG)