Ten Wins a New Large ContractSource: RNS
6 July 2021
Ten Lifestyle Group plc
("Ten" or the "Group")
Ten Wins a New Large Contract
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 that it has won a new three-year contract with a leading credit card issuer in APAC, following a successful trial of Ten's concierge and lifestyle services.
Ten will take over from an existing in-house concierge service and external travel service provider in the first half of the 2022 financial year (which begins 1 September 2021), making Ten's concierge and lifestyle services, including Ten's proprietary digital platform, available to many of the client's premium cardholders.
The contract is expected to be a Large1 contract in the 2022 financial year, with good potential for growth. The extra volume of member activity will help provide scale and buying-power to improve the efficiency and quality of the existing Ten service in the APAC region.
Ten has also agreed a multi-year extension of a Medium contract in the APAC region with an existing global client.
These contract wins are incorporated within the Group's existing growth plan.
1Ten 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 £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.
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For further information, please visit https://www.tenlifestylegroup.com/ or contact:
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 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.