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Highlights
- Net revenue for FY 2024 at £62.9m, with adjusted EBITDA growth to £12.8m.
- Continued investment in digital and AI technologies, including the launch of "Ten Box Office."
- Strong pipeline of new contracts expected to drive growth in 2025.
Ten Lifestyle Group plc (LSE:TENG), the global concierge platform serving financial institutions and premium brands, has reported its preliminary results for the year ended 31 August 2024. Despite a slight dip in net revenue to £62.9 million from £63.0 million in 2023, the company saw growth in adjusted EBITDA, which increased to £12.8 million. The adjusted EBITDA margin improved to 20.3% (up from 19.1% in 2023).
The company continued to invest heavily in its proprietary digital platforms, committing £12.8 million, with a focus on enhancing service quality through generative AI solutions. The company also introduced the "Ten Box Office," a significant milestone in its digital strategy.
Operationally, Ten Lifestyle maintained its member base at 349,000 active members and sustained high levels of customer satisfaction, contributing to strong repeat business. A healthy pipeline of new business opportunities, including a multi-year contract worth £5 million per year, is expected to drive future revenue growth, with new contracts expected to start delivering from H2 2025.
Ten Lifestyle is confident in its growth prospects for 2025, focusing on expanding its revenue and profitability through continued investment in technology and securing new corporate contracts.
