TENG Ten Lifestyle Group Plc

TIDMTENG

RNS Number : 5806L

Ten Lifestyle Group PLC

09 September 2019

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 Revenue(1) in line with market expectations(2) , whilst it is anticipated that the Adjusted EBITA(3) loss for the full year will be ahead of market expectations.

The year-end cash balance will be c.GBP12m with no debt, representing an overall reduction in cash of c.GBP1m in H2 compared to an overall reduction of GBP7.5m 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 GBP45.7m; EBITA GBP(4.7m); and net cash of GBP9.8m (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                       via Tavistock 
  Alex Cheatle, Chief Executive Officer         +44 (0)20 7479 
  Alan Donald, Chief Financial Officer          3427 
  Kerry Anderson, Head of PR 
 Jefferies International Limited, Nominated 
  Advisor 
  Simon Hardy                                  +44 (0) 20 7029 
  Thomas Hovanessian                            8000 
 Peel Hunt LLP, Joint Broker 
  Edward Knight 
  Nick Prowting                                +44 (0) 20 7418 
  Max Irwin                                     8900 
 Tavistock, Financial PR & IR 
  Jos Simson 
  Simon Hudson                                 +44 (0) 20 7920 
  Jenny Boyd                                    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/.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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