Last checked at 9 Sep 2019 07:00
9 September 2019
Ten Lifestyle Group plc
("Ten" or the "Company")
Full Year Trading Update and Notice of Results
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled lifestyle and travel platform for the world's wealthy and mass affluent, is pleased to announce the following trading update ahead of its preliminary results for the year ended 31 August 2019.
The Board expects to report Net Revenue1 in line with market expectations2, whilst it is anticipated that the Adjusted EBITA3 loss for the full year will be ahead of market expectations.
The year-end cash balance will be c.£12m with no debt, representing an overall reduction in cash of c.£1m in H2 compared to an overall reduction of £7.5m in H1.
Alex Cheatle, CEO, Ten Lifestyle Group plc, 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."
Preliminary Results
The Company expects to announce its preliminary results, for year ended 31 August 2019 on 26 November 2019.
The Company will be hosting an analyst presentation to accompany its preliminary results at 9am on 26 November 2019. If you would like to attend, please email tengroup@tavistock.co.uk.
1 Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Company.
2 Market expectations for the year ended 31 August 2019 is: Net Revenue of £45.7m; EBITA £(4.7m); and net cash of £9.8m (debt free).
3 Adjusted EBITA is operating (loss)/profit before interest, taxation, amortisation, share-based payments and exceptional costs.
- End -
For further information, please contact:
Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer Kerry Anderson, Head of PR
| via Tavistock
+44 (0)20 7479 3427 |
Jefferies International Limited, Nominated Advisor Simon Hardy Thomas Hovanessian
| +44 (0) 20 7029 8000 |
Peel Hunt LLP, Joint Broker Edward Knight Nick Prowting Max Irwin
| +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, travel and lifestyle concierge 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 concierge 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/.