Stephen joined the company in 2020 and is the investment principle on the AiM IHT team, ultimately responsible for portfolio construction and investment selection. With 23 years of experience in the industry, he holds the CISI Diploma and the Chartered Financial Analyst (CFA) designation. With a background in art and an interest in psychology Stephen believes that small-cap investment is as much art as science, and the combination of these factors led to the authoring of his own 12-page investment philosophy. A regular and sought after guest on BR-related investment panels, Stephen is well regarded throughout the industry for his conviction and passion.

Ten Lifestyle Group plc (“Ten”) is a leading customer experience platform, combining proprietary technology with expert human service to deliver premium lifestyle, travel, dining, and entertainment solutions for affluent and mass affluent customers worldwide. The company partners with over 50 global financial institutions and premium brands, providing their clients with access to exclusive benefits and experiences through a proprietary, scalable digital platform. UK clients include HSBC, NatWest (Black), Saint James Place and Barclays (Travel Pack Plus).

Business Model & Market Position: Ten operates a proven two-sided marketplace, connecting financial institutions, high-spending members, and thousands of suppliers including hotels, restaurants and event promoters. Its revenue is generated through platform-as-a-service and technology fees (mostly paid by banks, wealth managers and other FS brands), underpinned by long-term, recurring contracts. With 2.1 million eligible members and 375,000 active users, Ten’s platform supports engagement across 20+ languages and 43 currencies, spanning 60 countries. The company’s AI-powered tools, such as Talia (an AI concierge), and digital products like Ten Box Office and Digital Dining, drive efficiency, personalisation, and member satisfaction – which drive profits and revenues.

Financial Highlights (FY2025) - per RNS Full Year Trading Announcement on AIM (unaudited)

• Record Net Revenue: £65.7m (up 5%)

• Record Adjusted EBITDA: £14.6m (margin 22.2%)

• Net cash: £9.8m (FY2024: £3.9m) with long-term debt repaid in 2025

• 7% growth in active members to 375,000

• £50M Market Cap (30th October 2025)

Strategic Progress: FY2025 saw Ten secure major new contracts in the US, Europe, and AMEA, expand its digital capabilities, and maintain strong client renewals. Investment in technology remained stable at £12.6m, supporting the rollout of new AI and automation features. The company achieved record profitability, reflecting disciplined cost management and operational scalability.

Responsible Business: Ten is the first B Corp-certified company on AIM, committed to sustainability, diversity, and ethical governance. The group achieved net zero emissions from operations and continues to embed ESG principles across its business.

Investment case

• Large, Growing Market: Ten addresses a significant, underpenetrated market for loyalty and lifestyle programmes within global financial services. Ten accounts for under 1% of this market today.

• Proven Model: Recurring revenue from long-term contracts with blue-chip clients, predictable cash generation, and a track record of profitable growth.

• Scalable Technology: Proprietary AI and digital platforms drive efficiency, margin improvement, and global expansion with minimal incremental cost.

• Strong Client Base: Trusted by leading financial institutions, with high renewal rates and measurable ROI for clients.

Ten offers retail investors exposure to a resilient, tech-enabled business with strong growth prospects, recurring revenues, and a clear path to sustainable profitability.

Ten’s Growth Engine is explained here:

www.tenlifestylegroup.com/investors/investment-case/

Background

Padel4all was set up in 2019 and opened its first padel centre in 2021; from inception, the Padel4all business model was to open and operate padel centres at existing sporting venues; each centre would have a minimum of 4 outdoor covered courts; 20 year leases would be agreed with the landowner and rent would be a combination of fixed rent per court plus a revenue share element. Padel4all employs all its own staff and plans to build the Padel4all brand. Our plan is to be operating 20 Padel4all centres by December 2028.

Centres

As at end November 2025, we have 4 operational centres open (Swindon, Southend, Bristol and Eastbourne) and are due to open our 5th centre in December 2025 in Bracknell. We have 1500 members across the Padel4all network, one of the largest memberships of any independent padel operator in the UK.

Christopher Wilkinson, Founder and CEO

Christopher qualified as a Chartered Accountant and then worked in corporate finance in the City for 35 years; he worked successively at Panmure Gordon, Kleinwort Benson and lastly for 16 years at Numis Securities. He led advisory teams on a number of clients in the UK retail and leisure sector.

He is a keen sportsman and discovered padel, having played real tennis for many years. He had always had a desire to run his own business and the opportunity to launch a padel tennis business in 2019 was too exciting to miss. He formed the board in early 2020.

He plays padel regularly and lives in East Anglia with his family and animals.

Charlie Whelpton - Shareholder and Executive Director of Padel4all

Charlie followed an early career in Psychology Research gaining a BSc and MPhil before developing a career in the Advertising, Marketing and Public Relations markets. He was co-founder of Pagette Communications a leading PR, Sponsorship & Marketing agency based in London, Manchester & Glasgow – with clients as diverse as Henkel Chemicals (Solvite/Unibond/Pritt Stick), Lacoste Sports and Fashion wear, Lucas Industries, Silentnight Beds, Sandoz Pharmaceuticals, Swan Lager, Watford FC & Warburton’s. Charlie specialised in PR, Sponsorship and sport marketing ranging from Football, Formula 3 Motor Racing, International Balloon Festival, Rugby and Tennis.

After selling Pagette, Charlie turned to the emerging markets of Telecommunications and IT services, building a leading specialist in integrated voice and data platforms serving SME and Enterprise businesses in the UK. The business was then sold to Data Centre operator Timico where Charlie became Managing Director of the Timico Enterprise business which eventually sold to Private Equity in 2017

Charlie played rugby to county level and won the National Colts Championship in 1974, he is a keen cricketer, tennis player and padel enthusiast.

At Padel4all Charlie focusses on developing new sites, partnerships, marketing, sponsorship and advertising.

ActiveOps is a Software as a Service company founded in 2005 and listed on the London Stock Exchange’s AIM market following its IPO in 2021.

ActiveOps' Decision Intelligence software solutions are specifically designed to support leaders with the vast number of decisions they make daily in running their operations. Its blue-chip banking, insurance, healthcare, and BPS customers make better decisions and consume less time and effort making them. The outcomes are significantly improved performance, with better turnaround times, customer satisfaction and double-digit improvements in productivity. Customers can leverage the capacity created to invest in transformation and development, and more efficiently utilise resources.

The Company has approximately 280 employees, serving a global base of over 100+ enterprise customers from offices in the UK, Ireland, USA, Canada, Australia, India, and South Africa. 

Emma Salthouse, Chief Financial Officer

Emma is an experienced finance professional. Emma rejoined ActiveOps in 2023, having previously been the Head of Finance at ActiveOps for c. five years, before joining a UK market leader in forensic science as Group CFO. Emma is a member of the Chartered Institute of Management Accountants with over 15 years’ experience.

BASH is an acronym for Buy, Avoid, Sell and Hold a share in a company to be discussed during each panel.

Jamie Ward

Jamie is a highly-regarded equity analyst and fund manager. He began his career in investment management running the research process for equities for private clients and IHT portfolios. He moved over to portfolio management in 2013 and has managed hedge funds and long-only equity funds, including a seven-year stint as the manager of the then-highly-rated Oriel UK Fund. He then moved over to management when he became head of investments at a major investment platform. He now writes for publications and consults on equity investment throughout the UK.

Paul Scott

Small Caps Investor & Commentator

I trained as an accountant with a Top 5 firm, then spent 8 years as CFO for a ladieswear retail chain called “Pilot”, which we grew from 16 shops to 150.

Then I became a professional small caps investor in 2002. I've learned my lessons the hard way, making and losing millions several times, through excessive gearing. I enjoy sharing my experiences with other investors, so they don't make the same mistakes I did.

I now write the Small Cap Value Reports independently on paulypilot.substack.com , after creating this popular format reviewing the day's RNSs, and it being hosted by Stockopedia from 2012 to 2024.

I love researching small-mid caps, and sharing ideas with other investors.