StockMarketWire.com - Concierge services group Ten Lifestyle said although it had seen record demand for its services in March, it expected its business to be hurt by falling demand in the travel sector related to Covid-19.

The company was consequently implementing cost saving measures, including freezing bonuses, offering shares instead of salary and renegotiating terms with key suppliers.

'March to date has seen record numbers of members using the service and a record number of individual requests being placed with the service,' Ten Lifestyle said.

'However, travel bookings have been significantly impacted with high levels of cancellations and refunds.'

'This will impact revenue from commission payments until global travel begins to recover.'

'Furthermore, self-isolation will reduce restaurant and entertainment requests and there is no certainty that our new types of activity, relevant to people at home, will fully compensate for this impact in the months beyond March.'

Ten Lifestyle reaffirmed its expectations, as announced on 6 March, for its half year results for the six-month period through February.

'Due to the macroeconomic uncertainties, the board expects to provide a further update on guidance once more clarity is known around the outlook of the business,' it added.


At 9:06am: [LON:TENG] Ten Lifestyle Group Plc share price was -2.6p at 47.4p



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