Growth of Ten’s travel business
Source: RNS
19 October 2021
RNS Reach
Ten Lifestyle Group plc
("Ten", or the "Group")
Growth of Ten's travel business
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent is pleased to provide an update on progress in its travel business.
Ten is pleased to report that both the total value and total number of travel bookings over the four months to end September 2021 have reached the same levels as the same, pre-pandemic period, in 2019.
Whilst bookings are now back to 2019 levels, commission levels1 in the four month period are 30% above the levels of 2019, largely due to the impact of a change in mix led by more hotel bookings, and fewer lower margin flights.
To help manage increased demand, Ten is recruiting travel experts today in multiple geographies around the world. Details can be seen at www.tenlifestylegroup.com/careers.
A paper on the change in travel habits can be found at https://tenlifestylegroup.com/what-ten-does/case-studies/.
The extra revenue for the travel business is incorporated within the Group's existing growth plan, rebounding from the effects of the pandemic, accordingly the Group continues to trade in line with the board's expectations.
Alex Cheatle, CEO of Ten Lifestyle Group, said:
"We see the ongoing disruption in the travel industry as an opportunity for Ten to grow market share.
Travel, along with organising restaurants, live events and luxury benefits and offers, is a core category for Ten's lifestyle concierge service. Our travel services largely consists of holidays, hotels and flights organised by Ten's experts globally for high net worth and mass affluent members.
Ten believes it has weathered the pandemic storm well, compared with much of the travel industry. Ten has remained profitable (on an EBITDA level) and has not taken on long-term debt nor raised new equity since the start of the pandemic, aside from the exercise of share options.
Throughout the pandemic, Ten has continued to invest into agent training, destination content and travel technology. Unlike much of the travel industry in the UK and internationally, Ten did not issue any Refund Credit Notes to members and returned all cash to members when bookings were cancelled due to the pandemic.
We believe that these actions, along with our continued high service levels, have helped build trust with members and that this is a factor in the increased bookings, at the same time that many travel companies have suffered from reduced levels of trust from their customers."
1 Ten's revenue from its supplier base, such as hotels, airlines, and event promoters which sometimes pay commission to Ten constituted £5.5m (12% of Net Revenue), for the 2019 financial year (as reported in the 2019 Annual Report and Accounts).
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.
For further information please visit www.tenlifestylegroup.com or call:
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Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer
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+44 (0)20 7850 2796 |
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Notes to Editors:
Travel, along with organising restaurants, live events and luxury benefits and offers, is a core category for Ten's lifestyle concierge service. The travel business largely consists of holidays, hotels, flights and car hire organised by Ten's experts globally for high net worth and mass affluent members.
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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