StockMarketWire.com - Concierge platform Ten Lifestyle said it expected to report a fall in annual earnings, owing to the impact of the pandemic on travel.

Adjusted earnings before interest, tax, depreciation and amortisation for the year through August was anticipated to be 'marginally' lower than the previous year's £4.8 million.

Revenue was expected to fall 21% to £34.8 million, which the company said was in line with market expectations.

It said the fall in earnings had been limited by improved efficiencies and effective cost management.

Ten Lifestyle added that it ended the financial year with a 'healthy' net cash position of around £6.6 million, ahead of market expectation, and no debt.

In the last three months of the financial year to August, inbound requests from members, a lead indicator of improving demand, had increased across certain core categories.

These included hotels, dining and live events, with the increase to at or above pre-Covid-19 levels for the same period in 2019.

'The group continued its investment in technology throughout the year to drive continued improvements in service levels, efficiencies and Ten's competitive advantage,' it added.


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