Ten Technologies Group (AIM:TENG) on Wednesday reported record net revenue of £69.7m for the year ended 31 August, up 6% from £65.7m the previous year and up 8% at constant currency, as the AIM-listed customer experience and loyalty platform continued its multi-year expansion into digital services.
The London-listed company, which serves financial institutions and premium brands through a concierge and membership platform, posted a fourth consecutive year of positive profit before tax, rising to £3.4m from £2.9m.
Earnings (adjusted EBITDA) climbed 10% to £16.1m, or 20% at constant currency to £17.4m, with margin improving to 23.1% from 22.2% as digital-only and digital-first usage grew.
Active members, those who have used the platform in the past 12 months, rose 23% to 461,000 from 375,000, while operating expenses and other income increased by a more modest 4.6% to £53.6m, cutting operating cost per active member by 15%.
Corporate revenue rose to £60.7m from £57.9m, and supplier revenue increased to £9m from £7.8m.
Net cash stood at £11.1m at year-end, up from £9.7m a year earlier, after one-off restructuring costs; the group remains debt-free with its £5m revolving credit facility undrawn.
"Record revenue, profit and active members define another strong year in which we continued to invest successfully in our technology, our 'better than the internet' customer experience, and our competitive moat," said chief executive Alex Cheatle.
The company invested £12.3m in proprietary digital platforms, content and technology during the year, equivalent to 18% of net revenue, of which £7.1m was capitalised.
Highlights included the launch of a fully digital lifestyle platform to more than one million HSBC UK Premier customers, a digital launch in Japan under an existing Large contract, a new High and Ultra High Net Worth programme in the Asia, Middle East and Africa region, and two Medium-sized digital-first contracts secured in the Americas, including one with Lola, part of Booking Holdings.
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Regionally, Europe net revenue rose 9.4% to £28m with adjusted EBITDA margin of 34.3%, while the Americas held broadly flat at £24.3m but saw adjusted EBITDA nearly double to £1.9m from £1m, lifting margin to 7.8% from 4.1%.
Trading since the year end has been in line with current market expectations for 2027, with the group on track for higher net revenue and improved profitability versus the prior period.
Active members rose a further 18% in the two months following year end to 545,000, driven principally by the HSBC UK digital launch and a relaunch with NatWest, which together generated more than 1.6m member preferences from 137,000 active members.
The company has doubled its investment in global business development, including approximately £0.5m in additional sales investment, to support future growth.