TIDMTENG
Ten Lifestyle Group PLC
19 October 2021
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
levels(1) 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 GBP5.5m (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:
Ten Lifestyle Group Plc
Alex Cheatle, Chief Executive Officer +44 (0)20 7850
Alan Donald, Chief Financial Officer 2796
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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END
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