RNS Number : 3317V

Ten Lifestyle Group PLC

09 August 2022

9 August 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Tens is Awarded Technology Development Projects

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent announces that it has been awarded significant technology development projects with two existing clients to enhance Ten's technology for the benefit of their valued customers:

-- The first project, for an existing major global client, will develop and enhance Ten's proprietary digital platforms with the objective of increasing user engagement of its cardholders in the Americas. This is expected to help grow this existing Medium (1) contract. The fee specific to this project is the equivalent of a Medium contract in the new financial year (FY 2023).

-- The second project, with another existing major global client, will enhance the communication integration of Ten's proprietary digital platforms and user experience, under the existing Extra Large contract. The fee specific to this project is the equivalent of a Small contract in the new financial year (FY 2023).

These developments are incorporated within the Group's existing growth plan.

Alex Cheatle, CEO of Ten Lifestyle Group, said;

"We have seen increased demand, particularly from our larger, more mature, corporate clients, to work with our in-house product and development teams to enhance Ten's existing technology to create differentiation suited to their customer base.

These paid-for development projects are targeted to increase the engagement and satisfaction of the client's users, which benefits both the corporate client and Ten; underpinning the return on investment for both parties."

(1) Ten 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 GBP0.25m); Medium contracts (between GBP0.25m and GBP2m); Large contracts (between GBP2m and GBP5m); and Extra Large contracts (over GBP5m). This does not include the revenue generated from suppliers through the provision of concierge services. Medium, Large and Extra Large contracts are collectively Ten's "Material Contracts".

- 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 
    Paul Gillam                                     +44 (0) 20 7418 
    James Smith                                      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 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) Dow Jones Newswires

August 09, 2022 02:00 ET (06:00 GMT)

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