Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent announces that it maintains its recent record of retaining 100% of its Material1 contracts and provides the following corporate client developments in the Americas:
- Ten won a competitive tender to launch a new digitally enabled concierge programme for the premium cardholders of an issuing bank in the Americas at the end of this financial year. This new deal, with an existing global client, represents a Medium1 contract in the next financial year (FY 2023).
- The new contract in the Americas announced on 12 January 2022 successfully launched with certain of Morgan Stanley’s ultra high net worth International Wealth Management clients in Latin America last month. This contract currently provides clients the opportunity to opt-in for Ten’s concierge services in their local markets and Ten expects it to be a Medium contract.
- Ten is expanding an existing contract in the Americas by launching Ten’s concierge services to a new portfolio of cardholders later this summer, growing the number of eligible members. This is expected to grow the size of the existing Medium contract by the equivalent of another Medium contract in the next financial year (FY 2023).
These developments are incorporated within the Group’s existing growth plan.
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”.