Financial highlights  

• Net Revenue¹ of £31.8m, up 3% on the first half of the prior year (H1 2024: £30.9m) and up 5% at constant currency to £32.3m  

• • corporate revenue² of £28.0m (H1 2024: £27.1m) 

• • supplier revenue³ of £3.8m (H1 2024: £3.8m)  

• Adjusted EBITDA⁴ up £0.7m on the first half of prior year to £6.0m (H1 2024: £5.3m) and broadly flat at constant currency 

• Adjusted EBITDA margin⁵ increased to 18.9% (H1 2024: 17.2%) 

• Profit before tax up £0.8m on the first half of prior year to £1.1m (H1 2024: £0.3m) 

• Cash and cash equivalents increased to £11.2m (FY 2024: £9.3m), with net cash increased to £6.8m (H1 2024: £1.9m; FY 2024: £3.9m)  

Operational highlights 

• Won and launched an Extra Large⁶ contract in the USA with an existing global client, initially worth £5.0m per year, a Medium contract in AMEA with a new client and two, initially Small contracts 

• £6.6m (H1 2024: £6.4m) total investment in proprietary digital platforms, communications, and technologies, of which £3.2m (H1 2024: £3.7m) is capitalised development spend 

• • launched Ten’s Agentic AI⁷product in beta with end‐to‐end booking capability over chat, including WhatsApp, and the Ten Platform 

• • further enhanced Ten’s proprietary CRM (Ten MAID), improving high‐touch productivity and operational efficiency 

• • leveraged AI and automation to enhance content and member communications to hyper‐personalise the service 

• Number of Active Members⁸ up on the end of the prior year to 354k (FY 2024: 349k) 

• Maintained a high levels of member satisfaction⁹, which drives repeat use and value to Ten’s corporate clients 

CURRENT TRADING AND OUTLOOK  

Since the end of the period, Ten has continued to secure Material Contract developments that are expected to underpin profitable growth into FY 2026, most notably:  

• won a new contract spanning two regions to serve the UHNW clients of one of the world’s largest wealth managers. The contract will start as Small, with significant potential to grow over time 

• a multi‐year renewal of a Large contract in Europe, including an uplift in fees for a digitally‐led service  

• a multi‐year renewal of a Large contract in AMEA that is expected to grow  

• a multi‐year renewal of a Small contract in AMEA with improved pricing  

• a new loyalty program expected to grow an existing Large contract in Europe 

• improved pricing for an enhanced engagement program under an existing Extra Large contract in the Americas 

• a data integration project under an existing Large contract in AMEA  
  
  

On 25 February 2025, the Company hosted a Capital Markets Day, providing insights on how AI and technology are improving Ten’s operational efficiency and driving growth towards its medium‐term target of £100m+ of Net Revenue and Adjusted EBITDA margin target of 30%+. This included a demo of Ten’s proprietary Agentic AI product, highlighting its capability to deliver a members’ request, end‐to‐end brief take, search to book over chat, including WhatsApp, and the Ten Platform. Since then, the Group has been showcasing the capability to its existing and prospective clients, with its first roll‐out expected in H2 2025.  

Ten remains focused on delivering against its digital roadmap, including leveraging in‐house generative AI to drive personalisation, service efficiency and quality. The Group expects to generate net cash in the second half of the year and the Board’s expectations for the full financial year remain unchanged.  

The Board continues to monitor the potential impact of global macroeconomic factors and engagement with existing and prospective clients remains strong. We believe that Ten’s diversified service business and focus on relatively low risk economies mitigates risk, as does our in‐market delivery model for all material markets.  

Alex Cheatle, CEO of Ten Lifestyle Group, said;  

“We continue to strengthen our market position through advancements in AI‐driven technology and our digital platform, helping win new contracts and driving margin, efficiency, scalability, and service quality. Alongside a robust sales pipeline and deep competitive moat, these investments position us for profitable growth.” 

Analyst Presentation  

A recording of an online Analyst Presentation and the interim report will be made available on our investor resources page here: https://tenlifestylegroup.com/investors/resources/ 

Investor Webinar  

Additionally, an Investor Webinar tailored for current and prospective investors will be presented on Tuesday 29 April 2025 at 4:30pm. This will provide participants with detailed information about the Group’s half‐year results and strategic initiatives and offer an opportunity to interact directly with the leadership team. 

If you wish to attend either the Analyst Presentation or the Investor Webinar, kindly email investorrelations@tengroup.com. This will ensure that you receive the necessary details and access information for these events. 

1. Net Revenue includes the direct cost of sales relating to certain member transactions managed by the Group.
2. Corporate revenue is Net Revenue from Ten’s corporate clients, including service fees, implementation fees, and fees for the customisation of the Ten Digital Platform.  
3. Supplier revenue is Net Revenue from Ten’s supplier base, such as hotels, airlines and event promoters which sometimes pay commission to Ten.  
4. Adjusted EBITDA is operating profit/(loss) before interest, taxation, amortisation, depreciation, share‐based payment expense, and exceptional items.  
5. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.  
6. Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.  
7. Agentic AI: Artificial intelligence systems capable of autonomous decision‐making and goal‐directed behaviour, often acting on behalf of users with limited oversight.  
8. Individuals holding an eligible product, employment, account or card with one of Ten’s corporate clients are “Eligible Members”, with access to Ten’s platform, configured under the relevant corporate client’s programme, with Eligible Members who have used the platform in the past twelve months becoming “Active Members”.
9. Ten measures member satisfaction using the Net Promoter Score management tool, which gauges the loyalty of a firm’s member relationships 
   
   

Notes to Editors:  

About Ten Lifestyle Group Plc  

Ten Lifestyle Group plc partners with financial institutions and other premium brands to attract and retain wealthy and mass affluent customers.  

Millions of members have access to Ten’s services across lifestyle, travel, dining and entertainment on behalf of over fifty clients including HSBC, Swisscard and Royal Bank of Canada. Ten’s partnerships are based on multi-year contracts generating revenue through platform-as-a-service and technology fees.  

Ten’s operations are underpinned by an increasingly sophisticated personalisation platform comprising industry-first, proprietary technology, thousands of supplier relationships and 25 years of proprietary expertise delivered from over 20 global offices. Ten was also the first B Corp-certified company on the AIM market, demonstrating its commitment to sustainability, social responsibility and ethical business practices.  

Ten is on a mission to become the most trusted service platform in the world.  

For further information about Ten Lifestyle Group Plc, please go to: www.tenlifestylegroup.com. 

Ten Lifestyle Group plc (AIM: TENG), the global concierge technology platform driving customer loyalty for global financial institutions and other premium brands, announces its trading update for the six months ended 28 February 2025 (“H1 2025“). 

Trading Update

The Group expects to report half year Net Revenue1 of c.£31.8m, 3% ahead of the first half of the prior year (H1 2024: £30.9m) and 5% ahead at constant currency. Active Members2 have increased since the end of the prior year to 354k (FY 2024: 349k).  

The multi-year Extra Large3 contract in the USA with an existing global client, initially worth £5.0m per year, and the Medium contract in AMEA with a new client won at the start of H1 2025 have now successfully launched and are delivering revenues, as expected, from H2 2025. During the period the Group secured two, initially Small contracts, supporting continued revenue growth momentum.  

Since the end of the period, the Group has secured a multi-year renewal of a Large contract in Europe, including an uplift in fees for a digitally-led service, and a multi-year renewal of a Large contract in AMEA that is expected to grow. 

Adjusted EBITDA4 for H1 2025 is expected to increase by £0.7m on the prior year to  c.£6.0m (H1 2024: £5.3m), and broadly flat at constant currency. Including the headwinds from the set-up costs of the Extra Large contracts in the USA, Adjusted EBITDA margin5 is expected to improve to 18.9% (H1 2024: 17.2%), reflecting enhanced operational performance offsetting the set-up costs of the Extra Large contracts in the USA.  

At the end of H1 2025, the Group’s cash and cash equivalents position was c.£11.2m (FY 2024: £9.3m), with net cash of c.£6.8m (H1 2024: £1.9m; FY 2024: £3.9m). This reflects the net proceeds of £5.7m raised through a secondary placing at the start of H1 2025 to support the Group’s short-term working capital requirements for the launch of the two contract wins, as well as the repayment of all related party loans (£1.45m). The Group’s normal seasonality, which results in higher working capital consumption in the first half of the year, and the short-term working capital requirements for the launch of the new contracts will unwind in the second half of the year. The Group therefore expects to generate positive net cash in the second half of the year.   

The Group continues to maintain investment levels in AI-driven technology and a digital platform to enhance the efficiency, scalability, and service quality of our market leading product.  

Our recent Capital Markets Day highlighted our latest technology innovations in detail, and we encourage investors to view the presentation on our website (tenlifestylegroup.com/investors/resources/) or get in touch for more information (investorrelations@tengroup.com). 

 

Alex Cheatle, CEO of Ten Lifestyle Group, said:    

“We continue to strengthen our market position through advancements in AI-driven technology and our digital platform, helping win new contracts and driving margin, efficiency, scalability, and service quality. Alongside a robust sales pipeline and deep competitive moat, these investments position us for profitable growth.” 

1. 
   Net Revenue includes the direct cost of sales relating to certain member transactions managed by the Group.
   
   

2. Individuals holding an eligible product, employment, account or card with one of Ten’s corporate clients are “Eligible Members”, with access to Ten’s platform, configured under the relevant corporate client’s programme, with Eligible Members who have used the platform in the past twelve months becoming “Active Members”. 

3. Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services. Medium, Large, and Extra Large contracts are collectively Ten’s “Material Contracts”. 

4. Adjusted EBITDA is operating profit/(loss) before interest, taxation, amortisation, depreciation, share-based payment expense, and exceptional items. 

5. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue. 

 

For further information please visit www.tenlifestylegroup.com or call: 

 

Ten Lifestyle Group plc  Alex Cheatle, Chief Executive Officer  Alan Donald, Chief Financial Officer	+44 (0)20 7850 2796
Singer Capital Markets Advisory LLP, Nominated Advisor and Broker  Corporate Finance: James Moat / Oliver Platts  Corporate Broking: Tom Salvesen / Charles Leigh-Pemberton	+44 (0) 20 7496 3000

Notes to Editors: 

About Ten Lifestyle Group Plc 

Ten Lifestyle Group plc partners with financial institutions and other premium brands to attract and retain wealthy and mass affluent customers. 

Millions of members have access to Ten’s services across lifestyle, travel, dining and entertainment on behalf of over fifty clients including HSBC, Swisscard and Royal Bank of Canada. Ten’s partnerships are based on multi-year contracts generating revenue through platform-as-a-service and technology fees. 

Ten’s operations are underpinned by an increasingly sophisticated personalisation platform comprising industry-first, proprietary technology, thousands of supplier relationships and 25 years of proprietary expertise delivered from over 20 global offices. Ten was also the first B Corp-certified company on the AIM market, demonstrating its commitment to sustainability, social responsibility and ethical business practices. 

Ten is on a mission to become the most trusted service platform in the world. 

For further information about Ten Lifestyle Group Plc, please go to: www.tenlifestylegroup.com.