(Alliance News) - Ten Lifestyle Group PLC said Thursday it has won a contract with an existing client to "significantly expand" its services in the Americas.
The lifestyle and travel platform company said it will take over from the client's incumbent supplier to provide its digital and high-touch concierge services early in the new calendar year.
Ten Lifestyle did not disclose the name of the existing global client.
The company said it is the largest single win to date. The contract is expected to expand the existing "large contract", which in company's nomenclature generates between GBP2.0 million and GBP5.0 million in annualised revenue, into an "extra large contract", which could generate over GBP5.0 million in annualised revenue by financial year 2021.
If this additional revenue was a standalone new contract win in its own right it would represent an extra large contract by financial year 2020 - 2021," the company explained.
Ten Lifestyle anticipates the new contract to generate positive cashflow and profitability from the second half of financial 2020.
Ten Lifestyle shares were up 11% in London at 132.00 pence each on Thursday at midday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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