Ten Lifestyle buoyant after South African bank contract win

Ten Lifestyle Group on Tuesday won a new contract with Absa Bank Limited to provide digital and high-touch travel and lifestyle concierge services to its private banking clients in South Africa.

The lifestyle and travel company, which is a specialist in providing concierge services, said that the service is due to launch from March 2019 as a small contract, classified as one below £0.25m in value, and is expected to grow into a medium contract with a value of between £0.25m and £2m in the 2019/20 financial year.

Customers of South African financial services provider Absa will primarily be serviced out of the AIM traded company's Cape Town office.

Alex Cheatle, chief executive of Ten Lifestyle, said: "We are delighted to have been selected by Absa to supply their private banking clients with our services. Their high-value customers will be able to choose from dining, live entertainment, retail, and more online, as well as use Ten's high-touch concierge service. We are also extremely excited to be expanding our reach in South Africa and are very much looking forward to the launch of this new partnership."

Ten Lifestyle Group's shares were up 10.20% at 54.00p at 1028 GMT.