(Alliance News) - Ten Lifestyle Group PLC shares rose on Wednesday, after it reported a jump in annual revenue and swing to profit.
Shares in the London-based lifestyle and travel services company were up 11% to 102.00 pence each in London on Wednesday afternoon.
Ten Lifestyle reported that in the financial year that ended August 31, it swung to a pretax profit of GBP900,000 from a GBP3.8 million loss a year ago.
Net revenue climbed 35% to GBP63.0 million from GBP46.8 million a year earlier. Corporate revenue climbed 35% to GBP55.6 million, whilst supplier revenue jumped 30% to GBP7.4 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose to GBP12.0 million from GBP4.9 million.
Looking ahead, Ten Lifestyle said it remains focused on increasing both net revenue and adjusted Ebitda profitability.
Further, it expects to continue to convert its "pipeline of contract opportunities with global financial institutions and premium brands, with multiple new contract developments since the start of the financial year." It noted that the pipeline is due to deliver revenue from the second half of 2024.
Chief Executive Alex Cheatle said: "We have delivered a second year of 35% growth in net revenue and a step change in adjusted Ebitda profitability as a result of our continued investment in our proposition, technology and people. We expect our growth engine will continue to deliver in the year ahead."
By Sophie Rose, Alliance News senior reporter
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Ten Life (TENG)