We are pleased to announce its preliminary results for the year ended 31 August 2024.
Financial highlights:
- Net Revenue1 of £62.9m (2023: £63.0m), £64.4m at constant currency
- Adjusted EBITDA4 increased by £0.8 million, reaching £12.8 million—up by 6.67% from the previous year’s £12.0 million, £12.6m at constant currency.
- Reflecting continued operational efficiencies and growth, our adjusted EBITDA margin5 rose to 20.3% (2023: 19.1%)
- We also mark our second consecutive year of profit before tax, reported at £0.5 million (2023: £0.9 million).
- Cash and cash equivalents rising to £9.3 million, up from £8.2 million in 2023. Our net cash position also improved to £3.9 million, compared to £1.9 million at the end of H1 2024 and £3.7 million at FY 2023.
Operational highlights:
- Material Contract developments delivered Net Revenue growth at constant currency in H2 2024 £12.8m (2023: £13.9m)
- Number of Active Members maintained at 349k (2023: 353k)
- Maintained a high level of member satisfaction, which drives repeat use and value to Ten’s corporate clients
- Remained focused on cost and efficiency gains, supporting EBITDA margin growth
With a focused investment of £12.8 million in our proprietary digital platforms, communications, and technology—including £6.7 million in capitalised assets—we continue to advance our competitive edge and deliver high-value, tech-enabled services.
“After two years of exceptional growth, Ten has sustained levels of Net Revenue, whilst achieving record Adjusted EBITDA profit. We continue to develop an AI-driven digital platform, a deep competitive moat and robust sales pipeline for future growth.”
Link to the full Preliminary Results RNS
Investor webinar
We will be presenting an Investor Webinar tailored for current and prospective investors at 4:30pm on 25 November 2024, providing participants a deeper insight into the Group’s results and strategic initiatives and a chance to engage directly with the leadership team.
If you wish to attend the Investor Webinar, kindly email investorrelations@tengroup.com.
This will ensure that you receive the necessary details and access information for this event.
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.
