Ten Lifestyle Group PLC Contract Update - EMEA & APAC (8554P)
June 12 2020 - 9:00AM
UK Regulatory
TIDMTENG
RNS Number : 8554P
Ten Lifestyle Group PLC
12 June 2020
12 June 2020
Ten Lifestyle Group plc
("Ten", the "Company" or the "Group")
Contract Update - EMEA & APAC
Ten Lifestyle Group plc (AIM: TENG), a leading
technology-enabled, global concierge platform for the world's
wealthy and mass affluent provides the following recent contract
updates across its EMEA and APAC regions:
-- Ten has agreed a five year extension of an existing Extra
Large[1] contract in EMEA, including the introduction of digital
travel and lifestyle services to its client's selected customers
for the first time.
-- Ten has entered a three year extension of a Large(1) contract
in APAC, which is now expected to grow into an Extra Large contract
during the extended term.
-- Ten has also agreed the extension of two Large contracts and a Medium(1) contract in EMEA.
-- We have mutually agreed with a client in EMEA that , from
September 2020, our current contract (on track to be a Large
contract) for the provision of concierge services under a
corporate-pay model will be replaced with an agreement to offer our
private membership concierge services to its customers under an
affiliate model, which is likely to be a Small contract.
The Board does not expect these changes to have a material
impact on their expectations for the second half of the year.
Alex Cheatle, CEO of Ten Lifestyle Group, said:
"I am very pleased that we have secured the continued support of
so many of our long-standing clients as their contracts have come
up for renewal. The majority of our clients renew their contracts
with us without the requirement for a competitive tender. Although
we will be winding down a contract which was on track to be a Large
contract, I am pleased that we will continue to offer our services
to the client's customers under an affiliate model. This change of
model came about as a result of the client's review of how it
manages benefits attached to its banking products.
Since we announced our half year results on 14 May 2020, we have
continued to stay relevant to our clients and members by adapting
to their needs throughout the COVID-19 pandemic, maintaining a good
volume of service requests."
For further information please visit www.tenlifestylegroup.com
or call:
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
George Sellar +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 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 business listed on the AIM market of the
London Stock Exchange in November 2017 (AIM: TENG). Ten Lifestyle
Group's objective is to become the most trusted service platform in
the world.
For further information about Ten Lifestyle Group Plc, please go
to: www.tenlifestylegroup.com
[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 GBP0.25m); Medium contracts (between
GBP0.25m and GBP2m); Large contracts (over GBP2m); and Extra Large
contracts (over GBP5m). This does not include the revenue generated
from suppliers through the provision of concierge services
This information is provided by RNS, the news service of the
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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.
END
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