By Xavier Fontdegloria
Ten Lifestyle Group PLC on Wednesday reported a narrowed pretax loss for fiscal 2021 as moves to reduce costs help to offset decreasing revenue, and said that demand has increased during the first months of fiscal 2022.
The U.K. travel-service platform posted a pretax loss of 5.5 million pounds ($7.4 million) for the year ended Aug. 31, compared with a pretax loss of GBP5.9 million a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics which strips out exceptional and other one-off items–came in at GBP4.4 million, compared with GBP4.8 million in fiscal 2020.
The company said revenue fell 24% to GBP35.1 million due to the impact of the Covid-19 pandemic on member activity and travel.
Ten Lifestyle Group said it expects demand for its services to recover in fiscal 2022 as the effects of the pandemic ease globally and travel returns.
Since the end of fiscal 2021,…