We are pleased to announce that we maintain our recent record of retaining 100% of our Material contracts and provide the following client developments in the Americas.
Firstly, we 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 FY 2023.
Secondly, we successfully launched with certain Morgan Stanley ultra high net worth International Wealth Management clients in Latin America last month. This contract currently provides clients the opportunity to opt-in for our concierge services in their local markets and we expect it to be a Medium contract.
Finally, we are expanding an existing contract in the Americas by launching our 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 FY 2023.
These developments are incorporated within our existing growth plan.
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”.