StockMarketWire.com - Travel agent for they wealthy Ten Lifestyle Group posted a deeper annual loss after it missed revenue targets and spent more increasing its headcount and investing in technology.

Pre-tax losses for the year through August amounted to £8.1m, compared to losses of £1.6m on-year.

Revenue grew 13% to £37.4m.

'This has been an important year for Ten's development,' chief executive Alex Cheatle said.

'Following our IPO, we have won new contracts with some of the largest global financial institutions, expanded into new regions, and we launched our enhanced proprietary digital platform.'

'While the launch was later than planned, and has affected our revenue expectations, it is a world first in the concierge market and we believe that it creates significant competitive advantage for Ten.'

'Although we are disappointed not to meet the net revenue expectations that we set at IPO, we are confident about our future success.'


At 8:25am: [LON:TENG] Ten Lifestyle Group Plc share price was -28.5p at 33.5p



Story provided by StockMarketWire.com