TIDMTENG
RNS Number : 0454L
Ten Lifestyle Group PLC
08 September 2021
8 September 2021
Ten Lifestyle Group plc
("Ten" or the "Group")
Full Year Trading Update and Notice of Results
Ten Lifestyle Group plc (AIM: TENG), a leading
technology-enabled global concierge platform for the world's
wealthy and mass affluent, is pleased to announce a trading update
ahead of its preliminary results for the year ended 31 August
2021.
The Group expects to report Net Revenue(1) that is in line with
market expectations of GBP34.8m and below prior year (2020:
GBP44.2m), due to the adverse effects of the COVID-19 pandemic.
Adjusted EBITDA(2) is expected to be marginally below the
previous year's GBP4.8m, despite significantly lower Net Revenue;
reflecting improved efficiencies and effective cost management in
response to the effects of COVID-19 globally.
The Group ended the financial year with a healthy net cash
position of c.GBP6.6m, ahead of market expectation, and is debt
free.
In the last three months of the financial year to August,
inbound requests from members, a lead indicator of improving
demand, have increased across certain of Ten's core categories,
such as hotels, dining and live events, to be at or above
pre-COVID-19 levels for the same period in 2019.
The Group continued its investment in technology throughout the
year to drive continued improvements in service levels,
efficiencies and Ten's competitive advantage.
Alex Cheatle, CEO of Ten Lifestyle Group, said:
"We are pleased that our robust business model and the
commitment of our team have allowed us to continue to deliver high
quality services to our members and corporate clients. In the past
quarter, activity from members has increased across many of our
core service categories and supplier revenue, primarily from hotel
bookings, has recovered to levels above the same period in 2019(3)
, before the global pandemic.
We have increased our EBITDA percentage margin(4) , despite
lower Net Revenue than last year , through cost management and
improving efficiencies. This positions us well for the anticipated
pick up in travel, dining and live events as COVID-19 restrictions
ease across the world."
Notice of Preliminary Results
The Group expects to announce its preliminary results, for year
ended 31 August 2021, on 24 November 2021.
The Group will be hosting an analyst presentation to accompany
its preliminary results at 9am on 24 November 2021.
The Group will also be presenting an Investor Webinar for
current and prospective investors at 5:30pm on 30 November
2021.
If you would like to attend either event, please email
investorrelations@tengroup.com .
(1) Net Revenue excludes the direct cost of sales relating to
certain member transactions managed by the Group.
(2) Adjusted EBITDA is operating profit/(loss) before interest,
taxation, depreciation, amortisation, share-based payments and
exceptional items.
(3) Ten's revenue from its supplier base, such as hotels,
airlines, and event promoters which sometimes pay commission to Ten
constituted 12% of Net Revenue for the 2019 financial year (as
reported in the 2019 Annual Report and Accounts).
(4) Adjusted EBITDA margin is Adjusted EBITDA as a percentage of
Net Revenue.
- End -
For further information, please visit
https://www.tenlifestylegroup.com/ or contact:
Ten Lifestyle Group Plc
Alex Cheatle, Chief Executive Officer +44 (0)20 7850
Alan Donald, Chief Financial Officer 2796
Peel Hunt LLP, Nominated Advisor and Broker
Edward Knight
Paul Gillam +44 (0) 20 7418
Nick Prowting 8900
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc is a leading technology-enabled, global
concierge platform, helping wealthy and mass affluent individuals
and their families to discover, organise, and enjoy dining, live
entertainment, travel and premium retail (and other relevant
services) with better results and more quickly than they could
themselves.
Underpinned by industry-first technology, Ten provides its
trusted concierge services to its more than 2 million members,
24/7, 365 days a year, wherever they are in the world. Founded in
1998, the business listed on the AIM market of the London Stock
Exchange in November 2017 (AIM: TENG).
The growth engine at the heart of Ten's business model is the
driving force behind its progress towards its objective to become
the most trusted service platform in the world.
For further information please go to: www.tenlifestylegroup.com
.
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