TIDMTENG
RNS Number : 2333Z
Ten Lifestyle Group PLC
17 September 2020
17 September 2020
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
2020.
The Group expects to report Net Revenue(1) that is slightly
ahead of market expectations of GBP43.3m and marginally below prior
year (2019: GBP45.8m) due to the adverse effects of the COVID 19
pandemic.
Adjusted EBITDA(2) profit is expected to be slightly ahead of
market expectations of GBP4.5m, reflecting prudent cost management
and improved efficiencies.
The Group ended the year with a strong Net Cash position of
c.GBP9.9m(3) resulting from a small cash inflow during the six
months ended 31 August 2020, compared to a cash outflow in the six
months ended 29 February 2020.
The Group has maintained its level of investment in technology
throughout the year, continuing to invest in the digitalisation of
Ten's technology platform 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 responsive business model has allowed
us to continue to deliver relevant services to our members and
corporate clients throughout this period of uncertainty. Revenue
from corporate clients is higher than last year, although supplier
revenue(4) , primarily from travel bookings, continues to be very
low. This will continue until global travel substantially
recovers.
Adjusted EBITDA profit has been facilitated by careful cost
management and the virtuous circle at the heart of Ten's business
model, which leverages improving efficiencies and member
satisfaction to improve member engagement. This, in turn, justifies
corporate client spend and reinvestment into the service, driving
the next round of improvements."
Notice of Preliminary Results
The Group expects to announce its preliminary results, for year
ended 31 August 2020, on 24 November 2020.
The Group will be hosting an analyst presentation to accompany
its preliminary results at 9am on 24 November 2020.
The Group will also be presenting an Investor Webinar for
current and prospective investors at 5:30pm on 3 December 2020.
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 and share-based payments.
Adjusted EBITDA for current period includes implementation of the
new IFRS 16 Lease accounting standard. The transition method used
was the Modified Retrospective method therefore comparatives have
not been restated.
3 Net Cash represents cash balances of GBP10.9m and debt of
GBP1m (US$1.33m) from a U.S. government-backed loan under the
Paycheck Protection Program (PPP).
(4) 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.
- End -
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 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). 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
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