11th May 2022 13:46
(Alliance News) - Ten Lifestyle Group PLC on Wednesday reported a narrowed half-year loss, as revenue increased by more than 20% from the pandemic depths of a year before.
For the six month period that ended on February 28, the London-based lifestyle and travel service platform posted a pretax loss of GBP2.8 million, narrowed from GBP3.6 million a year earlier.
The improvement came as revenue rose by 22% to GBP21.3 million from GBP17.5 million a year before. A reduction in the charge for share options and lower depreciation helped on the cost side.
"This revenue improvement was driven primarily by recovery in the business at the start of the period offset by lower demand due to the impact of the Omicron on member activity," Ten Lifestyle noted.
Chief Executive Officer Alex Cheatle said: "As we anticipated, revenue from corporate clients grew at the start of the period as we accelerated out of the pandemic. The arrival of Omicron at the end of November then stalled growth. However, we have now returned to growth and since February, net revenue is tracking above levels last seen in the period before Covid emerged."
Since the end of February, monthly request numbers have increased in all regions, Ten Lifestyle said, and revenue is now above the pre-Covid level. The company said this was despite travel remaining subdued in Asia and the closure of its Moscow office back in March.
Ten Lifestyle shares were up 1.7% at 60.00 pence each on Wednesday afternoon in London.
By Xindi Wei; [email protected]
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