Trading Update and Notice of Half-Year ResultsSource: RNS
19 March 2021
Ten Lifestyle Group plc
("Ten" or the "Group")
Half-Year Trading Update and Notice of Half-Year Results
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent, announces a trading update for the six months ended 28 February 2021 ahead of its half year results, which will be announced on Thursday 13 May 2021.
· Net Revenue1 in H1 of c. £17.4m; with demand subdued for core dining, travel and live entertainment services throughout the period.
· Adjusted EBITDA2 in H1 broadly in line with the Board's expectations.
· Net cash at the end of H1 of £8.2m (FY 2020: £10.0m).
· The Group's future performance is closely linked with the nature of the global COVID-19 recovery, by region. Whilst demand is beginning to return in some countries, the continuing effects of COVID-19 globally, combined with the recent strengthening of Sterling, is expected to delay the recovery of Net Revenue and Adjusted EBITDA in the second half of the financial year.
· The Group continues to agree contract renewals with existing corporate clients and develop a strong pipeline of new business.
· The Group continues to invest in its proprietary digital platforms and its digital transformation.
1 Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Group.
2 Adjusted EBITDA is post-IFRS16 and is operating profit/(loss)/ before interest, taxation, amortisation, share-based payments and exceptional costs.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/ 2014. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Ten by Alan Donald, Chief Financial Officer of Ten.
An online analyst presentation will be held by video link at 9:00am on 13 May 2021 following the release of the Group's half year results. To attend, please email firstname.lastname@example.org.
The Group will also be presenting an Investor Webinar for current and prospective investors at 5:30pm on 17 May 2021. If you would like to attend, please email email@example.com.
For further information please visit www.tenlifestylegroup.com/ or call:
Ten Lifestyle Group plc
Alex Cheatle, Chief Executive Officer
Alan Donald, Chief Financial Officer
+44 (0)20 7850 2796
Peel Hunt LLP, Nominated Advisor and Broker
+44 (0) 20 7418 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