(Alliance News) - Ten Lifestyle Group PLC said Tuesday its annual loss narrowed as revenue growth more than offset higher administrative costs.
For the financial year to the end of August, the lifestyle and travel platform said its pretax loss narrowed to GBP7.3 million from GBP8.5 million the year before, on revenue that rose by 22% to GBP49.1 million from GBP40.1 million.
Revenue growth in the year was supported by contract movements, with two contracts growing to be extra large, and the winning of one medium contract and one large contract, offsetting two losses. Extra large, medium and large are among the terms Ten Lifestyle uses to categorize the revenue value of the contracts it signs with customers.
At the end of its financial year, Ten Lifestyle had 24 contracts, in-line with the year before.
Looking ahead, Ten Lifestyle said it is confident that it is in a good position to meet its strategic growth objectives, and is planning to continue its investment in its digital platform.
Since the end of the year, trading has been in line with management expectations, and Ten Lifestyle remains encouraged by the strong pipeline of opportunities.
"I am pleased to report a strong year of growth across our entire business in line with expectations. Revenue has increased 23%, year on year, driven by new and existing larger corporate wins across the globe," said Chief Executive Officer Alex Cheatle.
"The significant investment we have made in expanding our footprint into new markets as well as in our proprietary technology has delivered a modest improvement in the earnings before interest, taxes and amortisation margin and a clear path to delivering group profitability," Cheatle added.
Shares in Ten Lifestyle - which is based in London - remained flat at 133.00 pence on Tuesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Ten Life (TENG)