- Net Revenue up 6% on PY, 9% at constant currency
- Adj. EBITDA up 16% on PY, 28% at constant currency
- Active Members up 23% on PY
Financial highlights
- Net Revenue1 up 6% on the first half of the prior year to £33.7m (H1 2025: £31.8m), up 9% at constant currency2 to £34.6m
o corporate revenue3 of £29.2m (H1 2025: £28.0m)
o supplier revenue4 of £4.5m (H1 2025: £3.8m)
- Adjusted EBITDA5 up £1.0m on the first half of prior year to £7.0m (H1 2025: £6.0m), up 28% at constant currency to £7.7m
- Adjusted EBITDA margin6 increased to 20.7% (H1 2025: 18.9%); reflecting operational leverage
- Adjusted Profit before tax7 up £0.6m on the first half of prior year to £1.6m (H1 2025: £1.0m)
- Net cash of £9.3m (H1 2025: £6.8m, FY 2025: £9.7m); closed the period with no long-term debt, having repaid the remaining £0.8m of loan notes, and with a £5.0m Revolving Credit Facility available to support short-term working capital, with any drawdowns repaid in full
Operational highlights
- 23% increase in Active Members8 to 436k (H1 2025: 354k), led by higher engagement with the digital platform
- Digital transformation continues, with increase in Net Revenue per FTE up 11% and operating expenses per request down by 9%
- Launched the Ten Digital Platform with a leading UK bank under an existing Large9 contract and a digitally enabled concierge contract with a leading global technology company
- Strong contract momentum winning a Medium fully digital contract in Europe with an existing corporate banking client and a new digitally enabled Large contract in AMEA, both expected to launch in H2 2026
- 62% of members said that Ten’s concierge service was a strong or decisive factor in staying with their sponsoring brand, demonstrating Ten’s impact on client loyalty10
- £6.3m (H1 2025: £6.6m) total investment in proprietary digital platforms, communications, and technologies, of which £3.4m (H1 2025: £3.2m) was capitalised
o initial roll out of Talia, Ten’s AI-powered member assistant, enabling end-to-end dining bookings over chat
o accelerated the Ten MAID enhancements and scaled Ten Copilot to improve speed, efficiency and service quality of Ten’s high-touch “Lifestyle Manager” service
o broadened the application of Ten PX, to deliver hyper-personalisation, unlocking first-time users of the platform and active member growth
o advanced data and reporting transformation, enriching the quality of client and internal reporting with deeper customer engagement and digital behaviours insights
CURRENT TRADING AND OUTLOOK
Trading since the period end has been in line with the Board’s expectations for FY 202611. The Group has continued to convert its healthy pipeline of financial institutions and other premium brands. Recent developments include a new digital customer loyalty Medium contract in the Americas with an existing global corporate client and an agreed launch of the Ten Digital Platform under an existing Large contract in Japan. This continues the digital contract momentum seen during the period and reflects the increasing effectiveness and differentiation of Ten’s technology, underpinning the Board’s confidence in achieving profitable growth, in line with market expectations, for FY 2026.
The contracts won during and after the period end, which are expected to launch in H2 2026, are expected to support growth into FY 2027. As a result, the Board now expects FY 2027 revenue and adjusted EBITDA to be ahead of current market forecasts.
The Board monitors global macroeconomic and geopolitical developments, including the conflict in the Middle East, which has had limited impact on Ten’s core service categories in the region. The Group remains diversified by client, segment and geography.
The Group remains focused on profitable, cash-generative growth while continuing to execute against its digital roadmap.
Alex Cheatle, CEO of Ten Lifestyle Group, said;
“We are pleased to report continued profitable growth and record numbers of affluent people using our service. By maintaining our investment in technology, we are strengthening our market position, supporting contract wins and improving efficiency and service quality. We are seeing strong demand across our pipeline for our full range of services, from digitally enabled to digital-first programmes. This supports further profitable growth.”
Analyst Presentation
An online Analyst Presentation will be held by video link today at 9:00am.
Investor Webinar
Additionally, an Investor Webinar tailored for current and prospective investors will be presented on Tuesday 28 April 2026 at 4:30pm. This will provide participants with detailed information about the Group’s half-year results and strategic initiatives and offer an opportunity to interact directly with the leadership team.
If you wish to attend either the Analyst Presentation or the Investor Webinar, kindly email investorrelations@tengroup.com. This will ensure that you receive the necessary details and access information for these events.
