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17 Sep 2020 | 10:42

Ten Lifestyle expects FY revenues, earnings to be 'slightly ahead' of expectations

(Sharecast News) - Concierge platform operator Ten Lifestyle Group said on Thursday that both net revenues and adjusted underlying earnings for the year ended 31 August would be "slightly ahead" of market expectations. Ten Lifestyle expects to report net revenues of more than £43.3m but below the £45.8m recorded a year earlier, while adjusted underlying earnings were forecast to be in excess of the £4.5m expected due to "prudent cost management" and improved efficiencies.

The AIM-listed group also said it had ended the year with a "strong" net cash position of £9.9m and had also maintained its level of investment in technology throughout the year.

Chief executive Alex Cheatle said: "Revenue from corporate clients is higher than last year, although supplier revenue, 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."

As of 1040 BST, Ten Lifestyle shares were down 2.38% at 82.0p.
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