Ten Lifestyle Group PLC Contract (3317V)
August 09 2022 - 2:00AM
UK Regulatory
TIDMTENG
RNS Number : 3317V
Ten Lifestyle Group PLC
09 August 2022
9 August 2022
Ten Lifestyle Group plc
("Ten" or the "Group")
Tens is Awarded Technology Development Projects
Ten Lifestyle Group plc (AIM: TENG), a leading
technology-enabled, global concierge platform for the world's
wealthy and mass affluent announces that it has been awarded
significant technology development projects with two existing
clients to enhance Ten's technology for the benefit of their valued
customers:
-- The first project, for an existing major global client, will
develop and enhance Ten's proprietary digital platforms with the
objective of increasing user engagement of its cardholders in the
Americas. This is expected to help grow this existing Medium (1)
contract. The fee specific to this project is the equivalent of a
Medium contract in the new financial year (FY 2023).
-- The second project, with another existing major global
client, will enhance the communication integration of Ten's
proprietary digital platforms and user experience, under the
existing Extra Large contract. The fee specific to this project is
the equivalent of a Small contract in the new financial year (FY
2023).
These developments are incorporated within the Group's existing
growth plan.
Alex Cheatle, CEO of Ten Lifestyle Group, said;
"We have seen increased demand, particularly from our larger,
more mature, corporate clients, to work with our in-house product
and development teams to enhance Ten's existing technology to
create differentiation suited to their customer base.
These paid-for development projects are targeted to increase the
engagement and satisfaction of the client's users, which benefits
both the corporate client and Ten; underpinning the return on
investment for both parties."
(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 (between GBP2m and GBP5m); and
Extra Large contracts (over GBP5m). This does not include the
revenue generated from suppliers through the provision of concierge
services. Medium, Large and Extra Large contracts are collectively
Ten's "Material Contracts".
- 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
Paul Gillam +44 (0) 20 7418
James Smith 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 millions of members, in over 15
languages, 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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END
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