Ten Lifestyle Group PLC on Monday bemoaned fluctuating foreign exchange rates, as pretax profit fell in the first half of the year.

For the six months ended February 29, the London-based lifestyle and travel services company reported pretax profit of £300,000, down 25% from £400,000 a year prior.

This decline came in part as net finance expenses increased to £400,000 from £100,000 a year prior, due to interest on an additional £1.1 million of loan notes, and foreign exchange differences of £200,000.

Revenue, meanwhile, rose 3% to £33.3 million from £32.4 million. Net revenue, which is Ten Lifestyle’s key revenue measure, was £30.9 million, unchanged from a year prior.

Corporate revenue fell 1% to £27.1 million from £27.5 million, thanks to a fluctuation in foreign exchange rates, while supplier revenue rose 15% to £3.8 million from £3.3 million the previous year.

Looking ahead, Ten Lifestyle expects contracts developments at the beginning of the second half to underpin revenue growth in the remainder of the year and into 2025.

‘We have continued to build on the step change in net revenue and profitability achieved in FY 2023. This has been achieved whilst maintaining a net cash position, improving service levels, enhancing our technology platform and winning new corporate clients, underpinning expected revenue growth and improved adjusted [earnings before interest, tax, depreciation and amortisation] profitability in the remainder of the year and into 2025,’ said Chief Executive Officer Alex Cheatle.

Ten Lifestyle Group shares were trading 7.1% lower at 65.00 pence each in London on Monday morning.

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