Ten Lifestyle Group plc (AIM: TENG), the global concierge platform driving customer loyalty for top financial institutions and other premium brands, is pleased to announce the following contract expansions, new business wins and new partnership agreements:
· An existing financial services client in the Americas has upscaled their contract with Ten following high member engagement rates and utilization. This expansion, which will now increase from a Medium1 to a Large contract, is expected to begin generating additional revenue from March 2024.
· Ten has entered into a contract with a new global Private Bank client with customers across AMEA2 for our digitally-enabled travel and lifestyle service. This service is expected to be launched across multiple markets in the region during the first half of 2024. Once fully launched, this client is anticipated to equate to a Medium contract.
· Ten has signed a partnership agreement with a niche B2B financial services client to launch travel and lifestyle services to its affluent customers in Europe. Set-up fees have been secured for this financial year, with the full launch of the partnership expected to grow to a Medium contract in the second half of 2024.
· Ten has expanded an existing Large contract with a global financial services client to deliver its concierge services into a significant national market within the AMEA region.
· Ten has signed an agreement with a further existing global financial services client to deliver a new customer offers and events programme in Europe, equal to a Small contract.
Alex Cheatle, Chief Executive Office of Ten Lifestyle Group plc, said:
“Our pipeline of new business is, as expected, producing new mandates from both new and existing corporate clients, including via continued geographic and customer vertical expansion, demonstrating the high impact of our increasingly efficient customer loyalty platform. We continue to develop a healthy pipeline of new business.”
We have also successfully secured key contract renewals and extensions with existing corporate clients on improved pricing terms, whilst retaining all existing 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 Asia-Pacific the Middle East and Africa.