10:30 19/03/24
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Travel and lifestyle concierge business ten lifestyle group announced on Tuesday that its adjusted underlying profit margin for the first half of the trading year reached a record level, and the number of active members continued to increase throughout the period.
Ten Lifestyle said first-half adjusted EBITDA is expected to increase by 7% year-on-year to approximately £5.3m as the company continues to benefit from improved operational efficiencies.
Net revenue was expected to be around £30.9m, the same as in the first half of last year, as the number of active members continued to rise, up 13% on the previous year to 356,000. The company also said that during the period it secured and commenced several important contracts that are expected to generate revenue in the second half of the year.
“We continue to focus on improving adjusted EBITDA profitability and cash generation through investments in technology, including generative AI, and will continue to drive efficiency as we continue to grow,” said CEO Alex Cheatle. “We are also creating a pathway to improve our service levels. We are also continuing to transform our companies of strength.” A pipeline of new business is expected to support revenue growth in the second half of 2024 through new contract wins and developments. ”
As of 1010 GMT, Ten Lifestyle shares were down 0.78% at 76.16p.
Report by Iain Gilbert from Sharecast.com
