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Ten Lifestyle posts annual loss as pandemic hits travel market
StockMarketWire.com
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Concierge platform Ten Lifestyle posted a full-year loss after the pandemic weighed on the global travel market.
Pre-tax losses for the year through August amounted to £5.9 million, compared to losses of £7.3 million year-on-year. Revenue fell 3.5% to £44.2 million.
Ten Lifestyle did not declare any dividends for the year.
Adjusted earnings before interest, tax, depreciation and amortisation was £4.8 million, reflecting improved efficiencies and cost cutting.
'The growth engine within the Ten model helped us to achieve EBITDA profitability and record service levels in the year,' chief executive Alex Cheatle said.
'We maintained revenue from corporate clients by continuing to provide value to members, including during the pandemic.'
'Our improving proposition, along with our strong pipeline of new contract opportunities, means we are well positioned to continue our momentum as the impact of the Covid-19 pandemic eases.'
Story provided by StockMarketWire.com
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