Ten Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for global financial institutions and other premium brands, is pleased to announce a trading update ahead of publishing its preliminary results for the year ended 31 August 2023 towards the end of November 2023.
The Group expects to report Net Revenue1 of c.£63m, achieving 35% year-on-year growth for the second year running (2022: £46.8m; 2021: £34.7m). This revenue performance is a record for Ten and is modestly ahead of market expectations of £62m.
Adjusted EBITDA2 is expected to be c.£12m, up 145% on the prior year (2022: £4.9m; 2021: £4.4m). This is in line with market expectations of £11.9m and marks a record level of profitability for the Group and a significant improvement from previous years.
The Group ended the financial year with cash and cash equivalents of £8.2m (2022: £6.6m) and net cash of £3.5m (H1 2023: £0.5m; FY 2022: £3.2m).
As planned, the Group has continued to invest in technology, including Artificial Intelligence, throughout the year to drive improvements in service levels, efficiencies and Ten’s competitive advantage.
Alex Cheatle, Chief Executive Office of Ten Lifestyle Group plc, said;
“I am delighted with our performance for the year ended 31 August 2023. We have retained all of our key corporate clients and achieved record revenue and profitability. We are well positioned with a healthy pipeline of new business.”
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1 Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Group.
2 Adjusted EBITDA is operating profit/(loss) before interest, taxation, depreciation, amortisation, share-based payments and exceptional items.