(Sharecast News) - Travel platform Ten Lifestyle Group said on Monday that its adjusted loss for the year won't be as bad as expected, while its pipeline remains "strong".
In a trading update ahead of preliminary results for the year to the end of August 2019, the company said net revenue is set to be in line with market expectations of £45.7m, while the adjusted earnings before interest, taxes and amortisation loss won't be as bad as the £4.7m currently expected by the market.
The year-end cash balance will be around £12m, with no debt, it sad, representing an overall £1m reduction in cash in the second half compared to a £7.5m reduction in the first.
Chief executive officer Alex Cheatle said: "We are pleased that all new contracts announced during the financial year have either launched or are being rolled out in the coming months.
"Ten is now engaged with new verticals, including the TMT sector and employee loyalty, as well as continuing its growth in the financial services industry. The company's pipeline of new business remains strong."
The results are due on 26 November.
At 1615 BST, the shares were up 4.3% at 120p.
Ten Life (TENG)22 Apr 2024 10:16
Ten Lifestyle blames foreign exchange rates as interim profit falls
(Alliance News) - Ten Lifestyle Group PLC on Monday bemoaned fluctuating foreign exchange rates, as pretax profit fell in the first half of the year.