The Group expects to report record Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, net cash and Active Members for FY 2026, building on the record performance delivered in FY 2025.
Net Revenue1 is expected to increase to c.£69.7m (FY 2025: £65.7m), representing 6% year-on-year growth, 8% at constant currency.
Adjusted EBITDA2 is expected to increase by 10% to c.£16.1m (FY 2025: £14.6m), up 20% at constant currency. Adjusted EBITDA margin is expected to improve to c.23% (FY 2025: 22.2%), reflecting the growth in Ten’s digital-only and digital-first usage across the Active Member base.
The Group ended FY 2026 with net cash of c.£11.1m (FY 2025: £9.7m; H1 2026: £9.3m), after certain one-off costs relating to restructuring completed during the period, with no long-term debt and its £5.0m Revolving Credit Facility undrawn at year end.
Adjusted FCF3 is expected to be c.£2.1m (FY 2025: £1.2m), as operational leverage continues to improve. Investment in technology is expected to be maintained, while further EBITDA growth is expected to support increased FCF generation.
Active Members4 significantly increased by 23% on prior year to 461k (FY 2025: 375k), driven by increased adoption of and engagement with Ten’s digital platform and channels.
During the second half of the year, the Group continued to execute its growth strategy in the Americas, securing a Medium5 digital-first customer loyalty contract and a Medium contract with a new client to support the launch of a new multi-category consumer concierge service.
Ten also launched a fully digital lifestyle platform to over one million HSBC UK Premier customers, a new digitally enabled programme for High and Ultra High Net Worth customers in AMEA, expected to become a Large contract in FY 2027, and the Ten Digital Platform in Japan under an existing Large contract.
Ten’s continued investment in its technology and digital platforms is increasing digital adoption, structurally reducing cost to serve and enabling its expert Lifestyle Managers to deliver high-quality, personalised service more efficiently. This combination supports scalability, margin expansion and Ten’s “better than the internet / LLM” customer experience. These capabilities position Ten to accelerate further profitable growth across its existing client programmes and target markets.
Alex Cheatle, CEO of Ten Technologies Group, said:
“We are delighted to have delivered another year of record performance and profitable growth, with record Net Revenue, Adjusted EBITDA up 20% at constant currency, margin expansion, pleasing net cash and Active Members up over 20%.
The increasing digital service mix is structurally reducing our cost to serve, enabling our expert Lifestyle Managers to serve more members efficiently and supporting stronger margins and cash generation.
We began the new financial year by changing the Company’s name to Ten Technologies Group, better reflecting the combination of proprietary technology and expert Lifestyle Managers that defines our proposition. With increasing revenue visibility, a broader addressable market and a strong pipeline of new business opportunities, we see significant scope to deliver further profitable growth in the current year and beyond.”
1 Net Revenue includes the direct cost of sales relating to certain member transactions managed by the Group.
2 Adjusted EBITDA is operating profit/(loss) before interest, taxation, amortisation, depreciation, share-based payment expense, and exceptional items. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.
3 Adjusted FCF means free cash flow, adding back exceptional items.
4 Individuals holding an eligible product, employment, account or card with one of Ten’s corporate clients are “Eligible Members”, with access to Ten’s platform, configured under the relevant corporate client’s programme, with Eligible Members who have used the platform in the past twelve months becoming “Active Members”.
5 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.
