Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent provides the following corporate client contract developments:
- Secured a third contract with DNB Bank ASA (“DNB”), the largest financial services group in Norway, to launch Ten’s digital concierge services to selected DNB SAGA customers. This new programme is expected to double the size of the existing Medium contract1.
- Entered a second, three-year contract with a leading credit card issuer in APAC, to launch Ten’s concierge and lifestyle services, including Ten’s proprietary digital platform, to a new group of the client’s High Net Worth cardholders. This new programme is expected to expand the existing Large contract and the extra member activity will further strengthen Ten’s buying power in APAC to improve the efficiency and quality of Ten’s service in the region.
- Won contracts with a multi-national firm and an international technology business to launch Ten’s digitally enabled concierge and lifestyle services as an employee loyalty programme, aimed at improving staff retention, acquisition and productivity. These Small contracts have the potential to grow by expanding into new regions where Ten is already established and marks Ten’s return to growth in the employee concierge vertical.
These developments, which are incorporated within the Group’s existing growth plan, are expected to launch by the end of this financial year (31 August 2022) and are expected to further increase the monthly request numbers and Net Revenue2, which remains above pre-COVID levels (H1 2020: £ 23.8m).
Ten maintains its recent record of retaining 100% of its Material contracts.
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 £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. Medium, Large and Extra Large contracts are collectively Ten’s “Material Contracts”.
2 Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Group.