Ten Lifestyle Group: Trading Update & Notice of Results
Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled lifestyle and travel platform for the world’s wealthy and mass affluent, is pleased to announce the following trading update ahead of its preliminary results for the year ended 31 August 2019.
The Board expects to report Net Revenue* in line with market expectations**, whilst it is anticipated that the Adjusted EBITA*** loss for the full year will be ahead of market expectations.
The year-end cash balance will be c.£12m with no debt, representing an overall reduction in cash of c.£1m in H2 compared to an overall reduction of £7.5m in H1.
Alex Cheatle, CEO, Ten Lifestyle Group plc, said;
“We are pleased that all new contracts announced during the financial year have either launched or are being rolled out in the coming months. Ten is now engaged with new verticals, including the TMT sector and Employee Loyalty, as well as continuing its growth in the financial services industry. The Company’s pipeline of new business remains strong.”
The Company expects to announce its preliminary results, for year ended 31 August 2019 on 26 November 2019.
The Company will be hosting an analyst presentation to accompany its preliminary results at 9am on 26 November 2019. If you would like to attend, please email firstname.lastname@example.org.
* Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Company.
** Market expectations for the year ended 31 August 2019 is: Net Revenue of £45.7m; EBITA £(4.7m); and net cash of £9.8m (debt free).
*** Adjusted EBITA is operating (loss)/profit before interest, taxation, amortisation, share-based payments and exceptional costs.
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