{"id":2505,"date":"2022-09-22T11:25:22","date_gmt":"2022-09-22T11:25:22","guid":{"rendered":"https:\/\/tenlifestylegroup.com\/?p=2505"},"modified":"2022-10-17T15:50:20","modified_gmt":"2022-10-17T15:50:20","slug":"full-year-trading-update-and-notice-of-results","status":"publish","type":"post","link":"https:\/\/tenlifestylegroup.com\/2022\/09\/22\/full-year-trading-update-and-notice-of-results\/","title":{"rendered":"Full Year Trading Update and Notice of Results"},"content":{"rendered":"\n<p>We are pleased to announce a trading update ahead of announcing our preliminary results for the year ended 31 August 2022.<\/p>\n\n\n\n<p>We expect to report Net Revenue<sup>1<\/sup>&nbsp;of c.\u00a346.8m, 35% above prior year (FY 2021: \u00a334.7m) and ahead of market expectations of \u00a345m.<\/p>\n\n\n\n<p>In the second half of the year, Net Revenue was c.\u00a326m, a record for Ten, and c.45% up on the second half of the prior year, with sequential growth&nbsp;from the third to the fourth quarter.<\/p>\n\n\n\n<p>Adjusted EBITDA<sup>2<\/sup>&nbsp;is expected to be ahead of the prior year (FY 2021: \u00a34.4m) and in line with market expectations of \u00a35m.&nbsp;<\/p>\n\n\n\n<p>Adjusted EBITDA was c.\u00a30.9m in the first half of the year, due to the&nbsp;adverse effects&nbsp;of Omicron, but improved significantly in the second half of the year; in line with the Board&#8217;s expectations.<\/p>\n\n\n\n<p>We ended the financial year with a cash position of \u00a36.8m, with net cash at \u00a33.3m, in line with market expectations. In the last quarter, we raised additional long-term debt of \u00a32m, in order to provide a prudent level of working capital to support organic revenue growth and a number of anticipated new contract launches in FY 2023.<\/p>\n\n\n\n<p>We have continued our investment in technology throughout the year to drive improvements in concierge service levels, efficiencies and our competitive advantage.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Notice of Results<\/strong><\/p>\n\n\n\n<p>We expect to announce our preliminary results, for the year ended 31 August 2022, on 23 November 2022.<\/p>\n\n\n\n<p>We will be hosting an analyst presentation to accompany our preliminary results at 9am on 23 November 2022.<\/p>\n\n\n\n<p>We will also be presenting an <a href=\"https:\/\/tenlifestylegroup.com\/2022\/09\/22\/investor-presentation-to-take-place-on-wednesday-30th-november-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investor Webinar<\/a> for current and prospective investors at 5:30pm on 30 November 2022.<\/p>\n\n\n\n<p>If you would like to attend either event, please email <a href=\"mailto:investorrelations@tengroup.com\">investorrelations@tengroup.com<\/a>.<\/p>\n\n\n\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>To find out more about Ten Lifestyle Group, please click&nbsp;<a href=\"https:\/\/www.tenlifestylegroup.com\/ten-group-investors-overview\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>&nbsp;for our investor overview. To read the official RNS article, please click&nbsp;<a href=\"https:\/\/www.londonstockexchange.com\/news-article\/TENG\/full-year-trading-update-and-notice-of-results\/15639127\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<p>To read the CityAM coverage of the trading update, please click <a href=\"https:\/\/www.cityam.com\/revenues-soar-for-ten-lifestyle-as-banks-splash-the-cash\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size\"><em><sup>1&nbsp;<\/sup>Net Revenue excludes the direct cost of sales relating to certain member transactions managed by the Group<\/em>.<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em><sup>2&nbsp;<\/sup>Adjusted EBITDA is operating profit\/(loss) before interest, taxation, depreciation, amortisation, share-based payments and exceptional items.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We are pleased to announce a trading update ahead of announcing our preliminary results for the year ended 31 August 2022.<\/p>\n","protected":false},"author":5,"featured_media":2508,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[17,16],"tags":[],"class_list":["post-2505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-press","category-investors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - 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