(Sharecast News) - Travel and lifestyle concierge business Ten Lifestyle Group said on Tuesday that it had reached record adjusted underlying earnings profitability in the first half of its trading year, with active membership continuing to grow throughout the period.
Ten Lifestyle said adjusted EBITDA was expected to be roughly £5.3m in H1, up 7% on the prior year, as it continues to benefit from improved operational efficiencies.
Net revenue was pegged to be approximately £30.9m, in line with the first half of the prior year, as active members continued to grow, up 13% on the first half of the prior year to 356,000. It also said it had secured and launched some significant contracts during the period that were expected to generate revenue in the second half of the year.
Chief executive Alex Cheatle said: "We remain focused on increasing adjusted EBITDA profitability and cash generation, with our investments in technology, including generative AI, creating pathways to improve efficiencies and service levels as we continue to grow. We also continue to convert our strong pipeline of new business, with new contract wins and developments expected to underpin revenue growth in H2 2024."
As of 1010 GMT, Ten Lifestyle shares were down 0.78% at 76.16p.
Reporting by Iain Gilbert at Sharecast.com
Ten Life (TENG)