Ten Lifestyle Group (TENG) H2 2024 earnings summary

Executive summary

• Net revenue held steady at GBP 62.9 million, with constant currency growth to GBP 64.4 million, and sustained prior years' step change in profitability and revenue growth.

• Adjusted EBITDA rose to GBP 12.8 million, margin up to 20.3% year-over-year.

• Investment in technology, including AI and digital platforms, reached GBP 12.8 million, positioning the business for continued growth.

• Secured an extra-large contract in the USA and a medium contract in Asia/AMEA post year-end, expected to impact H2 of the current year.

• Raised nearly GBP 6 million in new equity, strengthening the balance sheet and supporting contract growth.

Financial highlights

• Net revenue maintained at GBP 62.9 million, with a 1.5 million increase at constant currency.

• Adjusted EBITDA rose to GBP 12.8 million, margin increased to 20.3%.

• Profit before tax was GBP 0.5 million, slightly down due to higher non-cash items, interest, and FX losses.

• Cash and cash equivalents increased to GBP 9.3 million; net cash up to GBP 3.9 million.

• Supplier revenue was GBP 7.6 million, 12.1% of net revenue.

Outlook and guidance

• Expecting 2025 to deliver net revenue and profitability growth, driven by new contracts and efficiency gains.

• Continued focus on improving member experience through technology and service enhancements.

• Healthy pipeline of new partnership opportunities expected to increase eligible member base.

• New extra-large and medium contracts to deliver revenues from H2 2025.

• Ongoing investment in technology and AI to support growth.