Business
Growth of Ten's travel business
Growth of Ten's travel business.
About this update from Ten Lifestyle Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4449P\n Ten Lifestyle Group PLC\n 19 October 2021\n \n \n \n \n 19 October 2021\n \n \n \n RNS Reach\n \n \n \n \n \n \n Ten Lifestyle Group plc\n \n \n (\"Ten\", or the \"Group\")\n \n \n Growth of Ten's travel business \n \n \n Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent is pleased to provide an update on progress in its travel business. \n \n \n Ten is pleased to report that both the total value and total number of travel bookings over the four months to end September 2021 have reached the same levels as the same, pre-pandemic period, in 2019. \n \n \n Whilst bookings are now back to 2019 levels, commission levels1 in the four month period are 30% above the levels of 2019, largely due to the impact of a change in mix led by more hotel bookings, and fewer lower margin flights. \n \n \n To help manage increased demand, Ten is recruiting travel experts today in multiple geographies around the world. Details can be seen at \n \n \n www.tenlifestylegroup.com/careers\n \n \n . \n \n \n A paper on the change in travel habits can be found at \n \n \n https://tenlifestylegroup.com/what-ten-does/case-studies/\n \n \n . \n \n \n The extra revenue for the travel business is incorporated within the Group's existing growth plan, rebounding from the effects of the pandemic, accordingly the Group continues to trade in line with the board's expectations.\n \n \n Alex Cheatle, CEO of Ten Lifestyle Group, said:\n \n \n \n \n \n \"We see the ongoing disruption in the travel industry as an opportunity for Ten to grow market share. \n \n \n Travel, along with organising restaurants, live events and luxury benefits and offers, is a core category for Ten's lifestyle concierge service. Our travel services largely consists of holidays, hotels and flights organised by Ten's experts globally for high net worth and mass affluent members. \n \n \n Ten believes it has weathered the pandemic storm well, compared with much of the travel industry. Ten has remained profitable (on an EBITDA level) and has not taken on long-term debt nor raised new equity since the start of the pandemic, aside from the exercise of share options. \n \n \n Throughout the pandemic, Ten has continued to invest into agent train...