Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent provides the following EMEA update:
· The roll-out of Ten’s digitally-enabled concierge services to the clients of a blue chip wealth management business, following a successful initial pilot. This increases the size of the contract to a Medium contract, with the potential to develop into a Large contract by the end of the 2022 financial year.
· The launch of new concierge programmes with a Scandinavian bank and a Fintech card product under an existing Medium contract with a global payment services provider.
The Board does not expect these changes to have a material impact on their expectations for the second half of the year.
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 £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.