Ten Lifestyle Group PLC Trading Update and Notice of Half-Year Results (6116D)
04 Marzo 2022 - 1:00AM
UK Regulatory
TIDMTENG
RNS Number : 6116D
Ten Lifestyle Group PLC
04 March 2022
4 March 2022
Ten Lifestyle Group plc
("Ten" or the "Group")
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 provides a Trading Update and notice of
its half-year results for the six months ended 28 February
2022.
Trading update
Net Revenue(1) for FY22 remains in line with the Board's
expectations, with the negative effects of Omicron in the second
half of H1 expected to be mitigated by new wins launching in H2 and
recovery on existing contracts as the pandemic eases in each
region.
During a period of strong recovery in the Autumn, additional
staff were hired. However, the impact of Omicron has resulted in
reduced member requests since December. We have retained this
additional headcount to support new contract launches and the
expected recovery of existing contracts. The Board now expects the
Adjusted EBITDA(2) outturn for FY22 to be below expectations but
with growth still expected on the prior year (FY21: GBP4.4m).
We have started to see an increase in activity again in February
2022 in EMEA, where Omicron first impacted in late November.
The Board expects the new contract wins secured during H1 to
increase revenue and profitability in line with its expectations
for FY23, which remain unchanged. We continue to enjoy a healthy
pipeline of new business and high conversion rates.
Net Cash was c.GBP4.7m at end of February 2022 (FY21:
GBP6.7m).
The effects of the conflict between Russia and Ukraine on the
business is currently expected to be limited as only c. 1-2% of the
Group's annual Net Revenue relates to Russia and the directly
affected region.
(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.
Notice of Interim Results
The Group expects to announce its half year results on Wednesday
11 May 2022, where further details will be provided. An online
Analyst Presentation will be held by video link at 9:00am the same
day.
The Group will also be presenting an Investor Webinar on
Thursday 12 May 2022 at 5:30pm GMT. The presentation is open to all
existing and potential shareholders.
To attend either the Analyst Presentation or the Investor
Webinar, please email investorrelations@tengroup.com .
- End -
For further information, please visit
https://www.tenlifestylegroup.com/ or contact:
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
Paul Gillam +44 (0) 20 7418
James Smith 8900
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS
PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018.
THE PERSON RESPONSIBLE FOR ARRANGING FOR THE RELEASE OF THIS
ANNOUCEMENT ON BEHALF OF THE COMPANY IS KEZIAH WATT, COMPANY
SECRETARY.
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 millions of members, in over 15
languages, 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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END
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