Ten Lifestyle Group PLC Ten Secures New Business (4156S)
November 06 2023 - 1:00AM
UK Regulatory
TIDMTENG
RNS Number : 4156S
Ten Lifestyle Group PLC
06 November 2023
6 November 2023
Ten Lifestyle Group plc
("Ten" or the "Group")
Ten Secures New Business
Ten Lifestyle Group plc (AIM: TENG), the global concierge
platform driving customer loyalty for global financial institutions
and other premium brands, is pleased to announce the following
contract expansions, new business wins and new partnership
agreements:
-- An existing financial services client in the Americas has
upscaled their contact with Ten following high member engagement
rates and utilization. This expansion, which will now increase from
a Medium (1) to a Large contract, is expected to begin generating
additional revenue from March 2024.
-- Ten has entered into a contract with a new global Private
Bank client with customers across AMEA (2) for our
digitally-enabled travel and lifestyle service. This service is
expected to be launched across multiple markets in the region
during the first half of the calendar year 2024. Once fully
launched, this client is anticipated to equate to a Medium
contract.
-- Ten has signed a partnership agreement with a niche B2B
financial services client to launch travel and lifestyle services
to its affluent customers in Europe. Set-up fees have been secured
for this financial year, with the full launch of the partnership
expected to grow to a Medium contract in the second half of
2024.
-- Ten has expanded an existing Large contract with a global
financial services client to deliver its concierge services into a
significant national market within the AMEA region.
-- Ten has signed an agreement with a further existing global
financial services client to deliver a new customer offers and
events programme in Europe, equal to a Small contract.
Alex Cheatle, Chief Executive Office of Ten Lifestyle Group plc,
said;
"Our pipeline of new business is, as expected, producing new
mandates from both new and existing corporate clients, including
via continued geographic and customer vertical expansion,
demonstrating the high impact of our increasingly efficient
customer loyalty platform. We continue to develop a healthy
pipeline of new business."
We have also successfully secured key contract renewals and
extensions with existing corporate clients on improved pricing
terms, whilst retaining all existing Material Contracts."
(1) 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 GBP0.25m); Medium contracts (between
GBP0.25m and GBP2m); Large contracts (between GBP2m and GBP5m); and
Extra Large contracts (over GBP5m). This does not include the
revenue generated from suppliers through the provision of concierge
services. Medium, Large and Extra Large contracts are collectively
Ten's "Material Contracts".
(2) Asia-Pacific the Middle East and Africa.
- End -
For further information, please visit
https://www.tenlifestylegroup.com/ or contact:
Ten Lifestyle Group Plc
Alex Cheatle, Chief Executive Officer +44 (0)20 7850
Alan Donald, Chief Financial Officer 2796
Singer Capital Markets Advisory LLP, Nominated
Advisor and Broker
Corporate Finance: James Moat / Oliver
Platts
Corporate Broking: Tom Salvesen / Charles +44 (0) 20 7496
Leigh-Pemberton 3000
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc partners with global financial
institutions and other premium brands to attract and retain wealthy
and mass affluent customers.
Millions of members have access to Ten's services across
lifestyle, travel, dining, entertainment and retail benefits on
behalf of over fifty clients including HSBC, Coutts and Royal Bank
of Canada. Ten's partnerships are based on multi-year contracts
generating revenue through platform-as-a-service and technology
fees.
Ten's operations are underpinned by an increasingly
sophisticated personalisation platform comprising industry-first,
proprietary technology, thousands of supplier relationships and 25
years of proprietary expertise delivered from over 20 global
offices.
Ten is on a mission to become the most trusted service platform
in the world.
For further information please go to: www.tenlifestylegroup.com
.
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END
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