Ten Lifestyle interim revenues impacted by subdued demand for core services

Concierge platform Ten Lifestyle Group said on Friday that interim net revenues were expected to be roughly £17.4m amid subdued demand for core dining, travel and live entertainment services due to the ongoing Covid-19 pandemic.

Ten Lifestyle said adjusted underlying earnings in the six months ended 28 February were set to be broadly in line with expectations, while net cash at the end of the half had contracted to £8.2m from £10.0m at the end of the prior trading year.

The AIM-listed group said its future performance was closely linked with the nature of the global Covid-19 recovery, noting that whilst demand was "beginning to return" in some countries, the continuing effects of the pandemic globally, combined with the recent strengthening of Sterling, was expected to delay the recovery of net revenues and adjusted EBITDA in the second half of the year.

Ten Lifestyle added that it was continuing to agree to contract renewals with existing corporate clients, develop a strong pipeline of new business and invest in its proprietary digital platforms and its digital transformation.

As of 0900 GMT, Ten Lifestyle shares were down 5.91% at 95.50p.