Ten Lifestyle Group H1 2026 Trading Update: Growth in Revenue, Profitability and Members
Ten Lifestyle Group has posted a solid first half. Net Revenue rose 6% year-on-year to c.£33.7m (9% at constant currency), Adjusted EBITDA increased 16% to c.£7.0m, and Active Members climbed 23% to 436k. Margins moved up too, with Adjusted EBITDA margin improving to 20.7% from 18.9%.
This is a tidy set of numbers from the concierge technology platform that powers loyalty for banks and premium brands. The message is clear: digital engagement is rising, operating leverage is coming through, and new contracts are lining up for the second half.
Key H1 2026 numbers at a glance
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Net Revenue | c.£33.7m | £31.8m | +6% reported, +9% constant currency |
| Adjusted EBITDA | c.£7.0m | £6.0m | +16% reported, +28% constant currency |
| Adjusted EBITDA margin | 20.7% | 18.9% | +1.8pp |
| Active Members | 436k | 354k | +23% |
| Net cash | c.£9.3m | £6.8m (H1 2025) | Up vs prior H1; FY 2025 was £9.6m |
What drove the growth: digital engagement and new contracts
Active Members grew 23% to 436k, which Ten links to higher engagement with its digital platform. That matters because more engaged users typically mean more transactions and richer data, which can improve margins over time.
On the commercial side, Ten launched its Digital Platform with a leading UK bank under an existing Large contract. It also launched a digitally enabled concierge with a leading global technology company, marking an expansion into a new customer segment. During the period it won additional work: a Medium fully digital contract in Europe with an existing corporate banking client and a new digitally enabled Large contract in AMEA. Both are expected to launch in H2 2026.
These wins and launches support the CEO’s line that progress in H1 should translate into continued growth into FY 2027 as contracts bed in and scale. The mix is also telling: “digitally enabled” and “fully digital” contracts tend to be more scalable, which can underpin margin expansion.
Margins and cash: operating leverage and financing flexibility
Adjusted EBITDA climbed to c.£7.0m, with margin up to 20.7%. That is a decent step from 18.9% last year and suggests Ten is extracting efficiency from its platform and service delivery. At constant currency, EBITDA growth was 28%, highlighting that FX movements have been a headwind to reported growth.
Net cash ended the half at c.£9.3m, up from £6.8m in H1 2025 and close to the FY 2025 position of £9.6m. Early in the period the Group repaid the remaining £0.8m of loan notes and put in place a three-year £5.0m revolving credit facility (RCF) with NatWest to support short-term working capital. Management says this facility provides greater flexibility at a lower cost than the prior set-up – helpful for smoothing cash cycles and supporting launches without diluting shareholders.
Why this update matters for investors
Three themes stand out. First, demand and engagement are growing. A 23% rise in Active Members is hard to ignore and supports the top line now and the pipeline for later. Second, the business is scaling more profitably; margin gains imply operating leverage from technology investment and process efficiency. Third, the contract book looks healthy with multiple digital launches in H2 2026, pointing towards momentum into FY 2027.
The company says it remains on track to deliver in line with the market’s expectations for the full year. While those expectations are not disclosed here, the combination of H1 delivery and H2 launches gives a reasonable basis for that stance.
Strategy check: “better than the internet” and the moat
Ten continues to invest in its technology and digital platform, aiming to deliver a “better than the internet” experience – essentially curated access and outcomes that beat DIY browsing. In practice that means proprietary tech, supplier relationships and service expertise working together to improve availability, pricing, and personalisation across lifestyle, travel, dining and entertainment.
This strategy underpins a competitive moat built on data, relationships and service quality. As more members engage and more contracts go digital, the flywheel strengthens: better data and content drive better outcomes, which attract more clients and users, improving efficiency and margins.
Jargon buster: terms used in the RNS
- Net Revenue: includes the direct cost of sales for certain member transactions managed by Ten.
- Active Members: eligible users who have used the platform in the past 12 months (eligible members come via Ten’s corporate clients).
- Adjusted EBITDA: operating profit before interest, tax, amortisation, depreciation, share-based payments and exceptional items.
- Adjusted EBITDA margin: Adjusted EBITDA as a percentage of Net Revenue.
- Contract sizes: Small below £0.25m; Medium £0.25m-£2m; Large £2m-£5m; Extra Large over £5m (values refer to annual amounts paid by corporate clients, excluding supplier-derived revenue).
- Constant currency: growth recalculated as if exchange rates had not changed, to strip out FX effects.
My take: strengths to bank, and what to watch
What looks positive
- Healthy top-line and profit growth: +6% Net Revenue and +16% Adjusted EBITDA, with stronger constant-currency momentum.
- Margin expansion: 20.7% Adjusted EBITDA margin suggests efficiency gains and platform leverage.
- Member growth: +23% Active Members to 436k indicates rising engagement – the lifeblood of this model.
- Pipeline and launches: digital contracts with a leading UK bank and a global tech company, plus new Medium and Large wins slated for H2 2026.
- Stronger balance sheet flexibility: net cash of c.£9.3m, loan notes cleared, and a new £5.0m RCF on better terms.
Points to monitor
- FX headwinds: constant-currency growth outpaces reported growth, so currency remains a swing factor.
- H2 execution: several contract launches are weighted to the second half – timing and ramp-up are important.
- Cash seasonality: net cash is slightly below FY 2025, which is not unusual, but worth watching alongside working capital as launches scale.
Bottom line
This is a confident H1 from Ten Lifestyle Group. Growth is broad-based, margins are stepping up, and the contract book – increasingly digital – points to continued momentum. With the company stating it is on track for the year and investing to deepen its moat, the direction of travel looks positive.
As ever, delivery in H2 and the impact of currency will shape the full-year outcome. For now, the combination of rising engagement, improving profitability and solid financial flexibility makes this a constructive update.
