Monday 9 September 2019 1:21 pm

Shares in concierge firm Ten Lifestyle rise as it lifts full-year forecasts

Shares in Ten Lifestyle ticked up this morning after the travel and concierge firm said it expected annual loss to be narrower than previously forecast.

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In a trading update ahead of its full-year results, Ten said it is set to report net revenue in line with expectations and adjusted earnings loss ahead of market expectations.

Shares in Ten Lifestyle rose as much as 3.5 per cent following the announcement.

The London-headquartered firm, which offers a premium concierge service to high net-worth clients, also said it expects net cash of £12m with no debt at the end of the year.

“We are pleased that all new contracts announced during the financial year have either launched or are being rolled out in the coming months,” said chief executive Alex Cheatle.

“Ten is now engaged with new verticals, including the TMT sector and employee loyalty, as well as continuing its growth in the financial services industry. The company’s pipeline of new business remains strong.”

Brokers at Peel Hunt said 2020 looked to be an “exciting year” for Ten, which will hold £2m more cash than expected.

In June Ten secured a second contract with HSBC to run concierge services in Singapore, after winning the contract for its Jade service from rival Quintessentially last year.

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Peel Hunt reiterated its “buy” rating and raised its target price to 155p.

Main image credit: Getty