(Alliance News) - Ten Lifestyle Group PLC on Friday warned that the coronavirus outbreak could result in a reduction in expected revenue growth for financial 2020.
The concierge services platform said that for the six months to the end of February, it expects adjusted earnings before interest, taxation, depreciation, and amortisation to breakeven. Ten Lifestyle said as at the end of February, it had net cash of around GBP9.5 million, down from GBP12.3 million at the end of August.
The company has continued to make investment into technology to build service levels, efficiency, competitive advantage and barriers to entry, it added.
Ten Lifestyle however, warned that the outbreak of coronavirus will result in a reduction in net revenue growth for its financial year to the end of August, compared to expectations. It said it experienced disruption in its Asia Pacific business in January and February, adding that the outbreak may hurt near-term general marketing spend as well as the timing of client launches.
For financial 2019, the company reported net revenue at GBP45.8 million. Total revenue stood at GBP49.1 million with pretax loss at GBP7.3 million.
Separately, Ten Lifestyle added that during the period, it saw the successful launch in the Americas of its largest contract win to date.
The stock was trading 8.4% lower at 76.00 pence each at midday Friday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Ten Life (TENG)