Business
Preliminary Results 2021
Preliminary Results 2021.
About this update from Ten Lifestyle Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3507T\n Ten Lifestyle Group PLC\n 24 November 2021\n \n \n \n \n \n \n \n Embargoed: 07:00hrs 24 November 2021\n \n \n \n \n \n Ten Lifestyle Group plc\n \n \n (\"Ten\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Preliminary results for the year ended 31 August 2021\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 preliminary results for the year ended 31 August 2021. \n \n \n \n \n \n Financial\n \n \n · \n Net Revenue1 decreased 21.6% to £34.7m (2020: £44.2m) due to impact of COVID-19 on member activity and travel, mitigated by augmenting core services with relevant support services \n \n \n o \n Corporate revenue decreased by 22% to £31.9m (2020: £40.9m) \n \n \n o \n Supplier revenue decreased by 15.2% to £2.8m (2020: £3.3m) \n \n \n · \n Adjusted EBITDA2 of £4.4m (2020 £4.8m); improved adjusted EBITDA margin3of 12.8% (2020: 10.8%)\n \n \n o \n Improved efficiencies and prudent cost reduction actions \n \n \n o \n Maintained high level of investment in technology of £11.5m (2020: £12.2m)\n \n \n · \n Reduced loss before tax of £(5.5)m (2020: £(5.9)m)\n \n \n · \n Net cash at £6.7m (2020: £10.0m)\n \n \n · \n Improved efficiencies (and government support) helped achieve £9.2m reduction in total operating expenses from £39.4m in 2020 to £30.3m in 2021\n \n \n \n \n \n Operational\n \n \n · \n Year-on-year record member satisfaction4which drives repeat use and value to our corporate clients\n \n \n · \n Retained all Material Contracts5 in the period, although a Large EMEA contract transitioned from a Large corporate to a Small affiliate contract\n \n \n o \n Launched a Medium contract with Westpac in Australia in September 2020\n \n \n o \n Won a Large contract with Credit Saison in Japan, launched in September 2021\n \n \n · \n Eligible Member6 base grew as a result of expansion of existing and addition of new corporate client programmes\n \n \n · \n Active Members7 fell by only 6% to 210k (2020: 229k) despite the impact of the pandemic, due to Ten adapting the member proposition and improving communications to engage members\n \n \n · \n Continued digital development has driven business s...