Business
Half-year Report
Half-year Report.
About this update from Ten Lifestyle Group Plc
[{"type":"text","content":"\n \n \n 11 May 2022\n \n \n \n \n \n \n Ten Lifestyle Group plc\n \n \n \n \n (\"Ten\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n Interim results for the six months ended 28 February 2022\n \n \n \n \n \n \n Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled global concierge platform for the world's wealthy and mass affluent, announces its unaudited Interim Results for the six months ended 28 February 2022 (\"H1 2022\", or \"the period\").\n \n \n \n \n \n \n Financial \n \n \n \n \n · \n Net Revenue\n \n 1\n \n increased 21% to £20.8m (H1 2021: £17.2m) with growth in all three global regions (EMEA, Americas, APAC)\n \n \n \n \n o \n Corporate revenue of £18.4m (13% higher than H1 2021: £16.3m)\n \n \n o \n Supplier revenue of £2.4m (167% higher than H1 2021: £0.9m\n and back to pre-COVID levels\n )\n \n \n \n \n · \n Operating expenses increased to £19.9m (H1 2021: £15.5m after £2.1m benefit of payroll assistance\n \n 2\n \n ) due to an increase in employees during the period to support a recovery in demand\n \n \n · \n Adjusted EBITDA\n \n 3\n fell to £0.9m (H1 2022: £1.7m) due to the higher cost base and the impact of Omicron4in Q2\n \n · Loss before tax improved to £(2.8)m (H1 2021: £(3.6)m) largely due to a reduction in the share option charge and lower depreciation\n \n · \n Cash and cash equivalents of £5.1m (H1 2021: £9.2m,\n FY 2021: £6.7m)\n \n \n \n \n Operational \n \n \n \n \n · \n 100% retention of Material Contracts5 with some key contract renewals and contract extensions signed, including with Barclays Bank, DNB Bank and St James's Place\n \n \n · \n High conversion rate of the new business pipeline has seen new contract wins with market leading wealth managers in each of EMEA, the Americas and APAC\n \n \n · \n Continued investment in proprietary digital platforms, communications, and technologies to improve service quality and efficiencies, £6.5m (H1 2021: £5.5m)\n \n \n · \n 9% increase in total Active Members6 during the period to 221k (FY 2021: 203k7), with growth in all regions\n \n \n · \n Recovery of high member satisfaction levels8 following a temporary decline at...