TEN LIFESTYLE GROUP PLC-Interim results for the 6 months ended 28 Feb 2023

TEN LIFESTYLE GROUP PLC-Interim results for the 6 months ended 28 Feb 2023

Interim results for the six months ended 28 February 2023

Ten Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for global financial institutions and other premium brands, is pleased to announce its unaudited Interim Results for the six months ended 28 February 2023 ("H1"). 

Financial 

·    Net Revenue1 at £30.9m, an increase of 49%, compared to the first half of the prior year (H1 2022: £20.8m); 18% higher than the second half of the prior year (H2 2022: £26.1m)

supplier revenue2 increased 42% to £3.4m (H1 2022: £2.4m)

corporate revenue3 increased 49% to £27.5m (H1 2022: £18.4m)

Net Corporate Revenue Retention Rate4 of 144% (H1 2022: 105%)

·    Adjusted EBITDA5 of £5.0m, an increase of £4.1m compared to first half of the prior year (H1 2022: £0.9m) and above the second half of the prior year (H2 2022: £4.0m)  

·    Profit before tax of £0.4m, a £3.2m increase compared to the first half of the prior year (H1 2022: £(2.8)m)

·      Cash and cash equivalents of £7.2m (FY 2022: £6.6m) and net cash of £0.5m (FY 2022: £3.2m)

Operational 

·    Record number of Active Members6, up 43% compared to the first half of the prior year to 316k (H1 2022: 221k, H2 2022: 275k)

·    New mandate won in the Americas and 100% of Material Contracts retained, a number of key contract renewals and contract extensions signed  

     Maintained investment in proprietary digital platforms, communications, and technologies to improve service quality and efficiency, £7.1m (H1 2022: £6.5m)

·    Member satisfaction levels7 have improved during the period, a key indicator of repeat use and value to our corporate clients

CURRENT TRADING AND OUTLOOK

Since the end of the first half of the financial year, member activity remains robust in all regions. Ten continues to develop its proposition and technology, having retained all Material Contracts during the period and developed a healthy pipeline of future potential launches.

The Board's expectations for the full financial year are unchanged.

Alex Cheatle, CEO of Ten Lifestyle Group, said; 

"We are pleased to report our first profit before tax since our IPO in 2017, which provided capital to invest primarily in new geographical markets and technology. Our digital platform is now rolled out in over 40 countries. We reported an impressive 49% Net Revenue growth year-on-year, meaning Ten is well positioned to continue to drive our growth engine, even as we target sustained cash generation." 

Analyst Presentation

An online analyst presentation will be held by video link today at 9:00am.

The Group will also be presenting an Investor Webinar for current and prospective investors tomorrow, Thursday 4 May 2023 at 5:30pm BST.

To attend either the Analyst Presentation or the Investor Webinar, please email investorrelations@tengroup.com.

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