Last checked at 31 Oct 2019 07:00
31 October 2019
Ten Lifestyle Group plc
("Ten" or the "Company")
Ten Wins Contract with Existing Client to Expand in the Americas
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global lifestyle and travel service platform for the world's wealthy and mass affluent, is pleased to announce it has won a competitive tender with an existing global client to significantly expand its services in the Americas.
Ten will take over from the client's incumbent supplier to provide its digital and high-touch concierge services early in the new calendar year.
This is the Company's largest single win to date and is expected to expand the existing Large1 contract into an Extra Large1 contract by FY 2020/21. If this additional revenue was a standalone new contract win in its own right it would represent an Extra Large contract by FY 2020/21. This contract win is incorporated within the Company's existing growth plan.
Additional set up costs of the expanded service are expected to be limited to the first half of FY 2019/20. The Board anticipates the new contract to itself generate positive cashflow and profitability from the second half of FY 2019/20.
1 Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m).
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The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
For further information, please visit https://www.tengroup.com/ or contact:
Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer Kerry Anderson, Global Head of Brand Marketing & Communications
| via Tavistock
+44 (0)20 7479 3427 |
Peel Hunt LLP, Nominated Advisor Edward Knight George Sellar Nick Prowting
| +44 (0) 20 7418 8900 |
Tavistock, Financial PR & IR Jos Simson Simon Hudson Jenny Boyd | +44 (0) 20 7920 3150 |
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc is a leading, global travel and lifestyle service, helping wealthy individuals to discover, organise, and enjoy travel, dining, live entertainment, and the world of luxury, cheaper, and quicker than they could themselves.
Underpinned by industry-first technology, Ten provides its trusted travel and lifestyle service to its more than 2 million members, 24/7, 365 days a year, wherever they are in the world. Founded in 1998, the growing business now has over 800 staff, 22 global offices and is listed on the AIM market of the London Stock Exchange (AIM: TENG).
For further information about Ten Lifestyle Group Plc, please go to: https://www.tengroup.com/.