Ten Lifestyle H1 revenues seen higher amid record active user levels
By Iain Gilbert
Date: Monday 20 Mar 2023
(Sharecast News) - Lifestyle and concierge business Ten Lifestyle expects to post markedly improved interim revenues, driven by both contract developments and a record number of active members.
Ten Lifestyle said on Monday that first-half revenues looked set to be 49% higher year-on-year and 18% half-on-half at roughly £30.9m, demonstrating "consistent, continued growth". Adjusted underlying earnings were pegged to be £5.0m - up from £900,000 a year earlier and a fresh record high.
The AIM-listed group highlighted that growth during the period was driven by contract developments and a 36% year-on-year rise in active members to 316,000.
At the end of half, Ten's cash position was approximately £7.2m, up from £6.6m at the start of the trading year, reflecting normal seasonality. The group expects to generate net cash in the second half of 2023.
As of 1250 GMT, Ten shares were up 5.24% at 92.61p.
Reporting by Iain Gilbert at Sharecast.com
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