H1 2026 Trading Update
Ten Lifestyle Group plc reported a strong H1 2026 trading update, with Net Revenue increasing by 6% to approximately £33.7 million and Adjusted EBITDA rising 16% to around £7.0 million, reflecting improved operational performance and a higher margin of 20.7%. The company saw a significant 23% growth in Active Members to 436,000, driven by digital platform engagement. Net cash increased to approximately £9.3 million, supported by a new £5.0 million revolving credit facility. New contract wins, including a large digital contract with a global technology company and a medium digital contract with an existing banking client, are expected to launch in H2 2026, contributing to continued growth.
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Active Members up 23% on PY
Ten Lifestyle Group plc (AIM: TENG), the global concierge technology platform driving customer loyalty for global financial institutions and other premium brands, announces its trading update for the six months ended 28 February 2026 ("H1 2026").
The Group expects to report Net Revenue1 of c.£33.7m for the half year, 6% ahead of the first half of the prior year (H1 2025: £31.8m) and 9% ahead at constant currency. Active Members2 have increased by 23% since the end of the prior year to 436k (H1 2025: 354k), led by higher engagement with our digital platform.
Adjusted EBITDA3 for H1 2026 is expected to increase by £1.0m to c.£7.0m (H1 2025: £6.0m), representing a 16% year-on-year growth, and up 28% at constant currency. Adjusted EBITDA margin4 is expected to improve to 20.7% (H1 2025: 18.9%), reflecting enhanced operational performance.
At the end of H1 2026, the Group's net cash increased to c.£9.3m (FY 2025: £9.6m, H1 2025: £6.8m). At the beginning of the period, the Group repaid the remaining £0.8m of loan notes and secured a three‐year £5.0m revolving credit facility with NatWest to support the Group's short‐term working capital requirements. This facility provides greater flexibility, at a lower cost, than the Group's previous finance structure.
During the period, the Group launched the Ten Digital Platform with a leading UK bank under an existing Large5 contract and launched a digitally enabled concierge contract with a leading global technology company, representing an expansion into a new customer segment. The Group also won new contracts during the period, including a Medium fully digital contract in Europe with an existing corporate banking client and a new digitally enabled Large contract in AMEA, both expected to launch in H2 2026.
The Group continues to invest in its technology and digital platform, strengthening its "better than the internet" customer experience, enhancing efficiency, scalability and service quality, and reinforcing its competitive moat.
Alex Cheatle, CEO of Ten Lifestyle Group, said:
"We continue to strengthen our market position through improvements to our leading customer loyalty platform. This provides "better than the internet" results for the users of our service and supports contract wins and drives margin, efficiency, scalability and service quality. The new contracts that we won during the period are expected to launch during H2 2026 and support continued growth into FY 2027. We remain on track to deliver in line with the market's expectations for the full financial year."
1 Net Revenue includes the direct cost of sales relating to certain member transactions managed by the Group.
3 Adjusted EBITDA is operating profit/(loss) before interest, taxation, amortisation, depreciation, share-based payment expense, and exceptional items.
4 Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.
5 Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.