The shares of Ten Lifestyle Group PLC experienced a significant increase following the announcement of a surge in annual revenue and a shift to profit. The London-based lifestyle and travel services company saw its shares rise by 11% to 102.00 pence each in London on Wednesday afternoon.
According to the report, the financial year ending August 31 marked a turning point for the company, as it swung to a pretax profit of £900,000 from a loss of £3.8 million the previous year. Net revenue also showed substantial growth, climbing by 35% to £63.0 million from £46.8 million in the previous year. Corporate revenue increased by 35% to £55.6 million, while supplier revenue saw a significant jump of 30% to £7.4 million. Adjusted earnings before interest, tax, depreciation and amortisation also rose to £12.0 million from £4.9 million.
Looking ahead, Ten Lifestyle is set on further increasing its net revenue and adjusted Ebitda profitability. The company also anticipates converting its contract opportunities with global financial institutions and premium brands. With several new contract developments since the beginning of the financial year, the company expects the pipeline to start delivering revenue from the second half of 2024.
Chief Executive Alex Cheatle expressed confidence in the company’s future growth, stating, “We have delivered a second year of 35% growth in net revenue and a step change in adjusted Ebitda profitability as a result of our continued investment in our proposition, technology and people. We expect our growth engine will continue to deliver in the year ahead.”
The positive financial results for Ten Lifestyle Group PLC reflect the company’s strategic investments and ongoing efforts to expand its offerings. As the company continues to pursue new contract opportunities and focus on enhancing its technological capabilities, the outlook appears promising for sustained growth and success.
In conclusion, the latest financial performance of Ten Lifestyle Group PLC underscores the company’s commitment to driving revenue growth and achieving profitability. With a solid foundation and a clear strategy for the future, the company is well-positioned to capitalise on opportunities in the lifestyle and travel services industry.
Source: Alliance News Ltd.
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