Ten Lifestyle Group wins contract to expand in the Americas

LONDON: Ten Lifestyle Group has won a competitive tender with an existing global client to significantly expand its services in the Americas.

Ten Lifestyle will take over from the client’s incumbent supplier to provide its digital and high-touch concierge services early in the new calendar year.

Ten Lifestyle Group plc is a leading, global travel and lifestyle service, helping wealthy individuals to discover, organise, and enjoy travel, dining, live entertainment, and the world of luxury, cheaper, and quicker than they could themselves.

This is the Company’s largest single win to date and is expected to expand the existing Large contract into an Extra Large contract by FY 2020/21. If this additional revenue was a standalone new contract win in its own right it would represent an Extra Large contract by FY 2020/21. This contract win is incorporated within the Company’s existing growth plan.

Additional set up costs of the expanded service are expected to be limited to the first half of FY 2019/20. The Board anticipates the new contract to itself generate positive cashflow and profitability from the second half of FY 2019/20.

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).

Edited by Nayyar Iqbal