Business
Interim results for the 6 months ended 28 Feb 2023
Interim results for the 6 months ended 28 Feb 2023.
About this update from Ten Lifestyle Group Plc
[{"type":"text","content":"\n\n3 May 2023\n \nTen Lifestyle Group plc\n(\"Ten\", the \"Company\" or the \"Group\")\n \nInterim results for the six months ended 28 February 2023\n \nTen Lifestyle Group plc (AIM: TENG), the platform driving customer loyalty for global financial institutions and other premium brands, is pleased to announce its unaudited Interim Results for the six months ended 28 February 2023 (\"H1\").\n \nFinancial \n\n· Net Revenue1 at £30.9m, an increase of 49%, compared to the first half of the prior year (H1 2022: £20.8m); 18% higher than the second half of the prior year (H2 2022: £26.1m)\n\n\no supplier revenue2 increased 42% to £3.4m (H1 2022: £2.4m)\no corporate revenue3 increased 49% to £27.5m (H1 2022: £18.4m)\no Net Corporate Revenue Retention Rate4 of 144% (H1 2022: 105%)\n\n\n· Adjusted EBITDA5 of £5.0m, an increase of £4.1m compared to first half of the prior year (H1 2022: £0.9m) and above the second half of the prior year (H2 2022: £4.0m) \n· Profit before tax of £0.4m, a £3.2m increase compared to the first half of the prior year (H1 2022: £(2.8)m)\n· Cash and cash equivalents of £7.2m (FY 2022: £6.6m) and net cash of £0.5m (FY 2022: £3.2m)\n\n\n \n\nOperational \n\n· Record number of Active Members6, up 43% compared to the first half of the prior year to 316k (H1 2022: 221k, H2 2022: 275k)\n· New mandate won in the Americas and 100% of Material Contracts retained, a number of key contract renewals and contract extensions signed \n\n\n Maintained investment in proprietary digital platforms, communications, and technologies to improve service quality and efficiency, £7.1m (H1 2022: £6.5m)\n\n\n· Member satisfaction levels7 have improved during the period, a key indicator of repeat use and value to our corporate clients\n\n\n \n\n\n \n\nCURRENT TRADING AND OUTLOOK\n \nSince the end of the first half of the financial year, member activity remains robust in all regions. Ten continues to develop its proposition and technology, having retained all Material Contracts during the period and developed a healthy pipeline of future potential launches.\n \nThe Board's expectations for the full financial year are unchanged.\n \nAlex ...