What we're gonna do is rattle through the highlights, talk about the remainder of the business model. Now, we'll go through that fairly quickly because everyone on this call understands that very well. Talk about the financial results for the six months. Alan will go through those. I'm going to talk specifically about the tech update and what we're working on around AI and the platform. And then we'll discuss outlook, and then we'll have time for Q&A afterwards as well. So I am very pleased with the fact that we've got record Adjusted EBITDA both on an absolute level and on a margin level, and that's even more pleasing when it's adjusted for constant currency. But just in itself, it's record EBITDA. We've got our third quarter of positive PBT.
Again, that's good news for the business, and we've got net revenue in line with H1 2023, so I would have liked that to have been higher. But it is up at constant currency, albeit not at the same levels of growing at 35% for the last couple of years. We've won some good contracts that bode well for the future and some contract extensions, and active members are up 15%, and continuing to grow. And all of that has been happening as we continue to invest into tech, proposition, and AI and content. Now, our mission remains the same.
We want to become the world's most trusted service platform, both in terms of trusted by our members, where for whom we deliver travel, dining, tickets, and various retail offers and events, but also working behind global brands that use us to achieve their own customer metrics. So for our members, it's, it is about the big four: travel, dining, entertainment, which is music, theater, sport, and so on, and then luxury retail, helping people buy some of the luxury items, but also in retail, the things like, you know, organizing flowers for somebody. It can be all from that all the way up to buying a car or even helping people buy a house and so on.
If experiences and events span the four areas, and inspiration, the content that our editorial experts create, they also span those four areas: travel, dining, entertainment, and luxury retail. And our corporate clients account for most of our revenue, and they pay us to look after their most valuable customers. Now, this page is well-known to many of you. There are a couple of new names we've put on here. Standard Chartered in Asia is a new brand that we're working with, and Emirates in the Middle East is a new brand that we just announced a couple of weeks ago as well, and there are lots of familiar names there. And what we want to do with those clients is retain them and grow them.
And we have, until very recently, we've retained 100% of our corporate clients over the last four years. We did recently, or we have got sight of a contract that we're going to lose, which reduces our contract retention level to 96% of our material contracts in this year. But the reason why these brands pay us to look after their customers is that we help them with retention, we help them with acquisition, and we help them make more money from their customers.
So in the case of private banks and wealth managers and card companies, a lot of that's around retention, but also when people use our service, they're more likely to spend on card, they're more likely to grow the AUM they've got with the bank, they're more likely to have a halo effect, for instance, a higher Net Promoter Score and genuine advocacy for the bank or the wealth manager, and it's higher, that level of advocacy, the more that people engage with concierge. And the investment case remains very similar to how it has been in recent years, which is, we've got a huge market opportunity, both the immediate market. We are today less than 0.2% of the customer loyalty market in financial services, but we're also part of the even bigger market of helping high net worth organize their lives.
In the world of lifestyle concierge, we're the market leader. We win the contracts that come up. We are far more likely to win those than anybody else, and as I say, we've got very strong retention, and we're growing well, both in the high net worth space, but also in the mass affluent space as well. One reason for that is that we're the first fully global lifestyle concierge service. Even more important, we're the lifestyle concierge service that's embraced technology and invest in technology in the right ways more than anybody else, and that helps us win, retain, and grow clients. We've got higher service levels, we believe, than any other player in the market as well.
As we grow and develop, we've got the growth engine, and again, that's a video that everyone on this call I know has seen. But the growth engine effectively means that as we develop our business, we get stronger in terms of service levels, our corporate clients invest more with us, we invest more into tech and other aspects of the service that help us become high quality, which continues the virtuous growth engine. But it also, the investment in tech and proposition and scale also allows us to become more efficient, which drives profitability. Where we are today, well, we've got a pretty good large member base. You know, we're a business with over GBP 60 million of people and technology in the business that we invest in every year that allows us to scale.
Our proposition is getting better all the time, and we'll explain a little bit more about that later on on this call. We're very strong in financial services, but there's opportunity to grow into other new verticals as well. We are now profitable on a PBT basis, as well as an EBITDA basis. This year, we do expect to be generating cash, and that will allow the growth engine investment to continue, and strengthen the balance sheet. Like I said, I'm not gonna go into the growth engine now in great detail, not for this audience, but it's something that when we explain it to people, they do understand it very well. It's a good way of explaining the business. Alan?
Thank you, Alex. I'll just give a quick reminder of our business model. So, if you look at this as our revenue model, as Alex said, we make most of our revenue from corporates who pay us to look after their high-value clients. That's 88% of our revenue. And then we earn 12% from supplier revenue, which is predominantly travel-related and hotel commissions. And then our typical contract is long-term in nature, with often with agreed minimums in there, and we get paid by activity, so it'll be through a high touch request, talking to an LM, either on email, phone, or chat, or it's self-serve through our digital platform, and that's how we make our revenue from the corporate side. Next slide, Alex.
And then, when you look at it in terms of the eligible member base, number of members who can use our service, that has grown over the last few years. At the end of 2023, it was 2.1 million in our high and very high value segment, and I'll come back to explaining that. And our total active members, as Alex said, is up 15% year-on-year. The growth has slowed in H1, but still growing at 356,000 at the end of the year, at the period just gone.
And then, the way we look at our segmenting our clients, we do segment it between very high, and that's where, whether with a private bank, assets under management, premium credit card, or with a retail bank on a co-branded credit card on the high segment, or the medium segment is through the networks, which is Amex, Visa, Mastercard. So we see a higher penetration of active members in the very high value because they afford to spend more money with us, compared to high or medium. However, the digital mix will be more to the medium, because then we will push it digital first in the medium segment, and so we'll get a different range of penetration and mix. And what does that do?
It improves the member journey, and we're personalizing content on digital, and we've got AI and chat in behind that as well, delivering efficiencies. As I said, we do get, in terms of average concierge revenue, just to remind you, we do get paid more by very high value clients, 'cause they can afford to spend more with the clients. So as you can see on this graph, up to three times the medium segment. So that's, whilst it's, in terms of active members, it's the smallest segment, it generates the most revenue for us. Moving on to our financial results for the period. As Alex said, our net revenue, in line with prior year, up 4% on constant currency.
Within that, our supplier revenue did grow by 15%, up to GBP 3.8 million, and our corporate revenue was in line with prior year. We continued to manage our operating expenses. They decreased by GBP 0.3 million as cost management offset cost inflation, and that generated the record adjusted EBITDA at GBP 5.3 million, up 7% and 10% in constant currency, with record EBITDA margin of 17%. We continue to invest in technology, and that's why our organization's increased to GBP 2.8 million. And like I said, we maintained a profit before tax in the period. The usual graph on our net revenue slide. As you can see, the impact of FX brought us back a little bit.
Net corporate revenue retention at 101%, so the base business didn't grow that much in the period, although we did use new mandates of GBP 0.4 million. As I said, supplier revenue up GBP 0.5 million-GBP 3.8 million in the period. And then, looking at supplier revenue a little bit more detail, as you can see, it's improved since we come out of COVID, and the actual percentage by half year is increasing half year to half year. And as a reminder, our H2 bookings are traditionally higher due to travel seasonality, so that will come in stronger in this half of the year compared to the half just gone. And then, looking at the breakdown of net revenue, adjusted by region, that's Europe, Americas, and AMEA.
Our European region net revenue increased by 4%, 5% at constant currency. That was driven by both corporate and supplier revenue. And then, combining that with operational efficiencies and some FX benefit, adjusted EBITDA margin actually improved to 36%, compared to 32% last year. Then, Americas, actual net revenue did decrease by 4%, 1% at constant currency, so impacted by FX, and also the costs were impacted by FX as well. And we do have some contract setup costs in that region in anticipation of new contracts coming in in H2. In AMEA, net revenue increased by 3%, it would be 11% at constant currency. That's mostly the Japanese yen movement in the period. But we did improve our EBITDA, driven primarily through operational efficiencies in that region. We show this slide at every presentation.
It just shows the continued investment in our technology. We've invested over GBP 52 million in technology to date. And why do we do that? It's just moving from good to great in terms of investing in the platform, TenMAID internal CRM system, the content we produce, and then the IT infrastructure and comms that support that. Why do we do that? It grows competitive advantage, and it drives efficiency, service levels, and revenues, and that's what we see coming through the numbers, especially on efficiency. Last but not least, the cash flow. So our operating cash flow in the period, we generated GBP 3.4 million. That's related to the PBT we earned. Some drag on working capital because of seasonality, and then we add back our non-cash items of share-based payments, depreciation, and amortization.
The big numbers are investment in tangibles, GBP 3.7 million, which is the continued development in technology. We did receive in the period, share option receipts of GBP 1 million, in terms of options exercised, and we did take some additional loan notes in the period of GBP 1.1 million. That means at the end of the period, we had cash and cash equivalents of GBP 8 million, which is up from last year, GBP 7.2 million, and slightly down on the year end of GBP 8.2 million. I'll hand back to Alex now.
Great. Thank you very much, Alan. So, a little bit about our technology. This is a very good time to be updating you on that. So as everybody on this call knows, we've got a full travel OTA, which means that members can book online, flights, hotels, and cars, and also book tour guides and experiences in-market as well. We've got various other things on the platform, a huge amount of very much valued content. You can chat with our lifestyle managers in many markets now using WhatsApp, and in most markets, using the chatbot. And we've integrated in with many of our corporate clients' loyalty, rewards, and points. We've got installments, which is huge in Latin America. It's just the way that things operate.
We've got geo-locations or cars, personalization, and of course, this platform that can operate across many, many brands, many languages, many currencies on a global basis, but with just one platform, albeit one that can be personalized to each individual corporate client. So we've built a lot. Now, since the beginning of 2023, the rate of improvement has been even more pleasing. So hotel search has got better, and actually, we're hoping towards the end of this year, it will get better still. We've added in Follow Interest. We always had Follow Artists, which allows people to track whether they're interested in Beyoncé or whether they're interested in The Rolling Stones. You can now say whether you're interested in wine tastings or supercars, and we'll then let you know about things that are in that area.
We've built in Viator, which allows us to have tour guides and experiences in-market all over the world. We've built differentiated dining. What that then means is that corporate clients can have different dining benefits for different demographics, and we can put different dining benefits in front of different corporate partners. We're using AI in translation to radically improve the level of content that we've got in multiple languages at very, very much reduced cost. We've got a Lifestyle Manager Copilot. Again, you will hear more about that in a moment. And we're developing the AI chatbot, so that that actually starts learning from that Copilot and that can start discussing and working things through with members.
Today, the chatbot is pretty much machine learning rather than pure AI, because putting AI in front of our members until it's ready, or generative AI rather, in front of our members before it's ready, would be a mistake. But so far, the results from the lifestyle manager, AI Copilot, are very promising. And we've also put in ESG labels, icons, and content, because many of our corporate partners want to be promoting ESG, and kind of, other assets which talk to their ESG agendas. And then entertainment, ticket self-serve. I'm gonna talk about that more on the next slide. The reason we're discussing this is a great example about what happens when we digitize things on our platform.
So what we have built now, and it's launching in the next few weeks, is a tickets functionality on the platform whereby our members can go to the platform and search a huge variety of public access, so that wherever they're going in the world, they can choose, they can look at what's there on the dates they're interested in and book it digitally. So that gives them the full availability of, for instance, Ticketmaster is one of the APIs included into that. So you get all of the availability on Ticketmaster, but then also on other APIs as well. However, on top of that, through people like Ticketmaster and through our own box office and through the other APIs that we integrate, we also include inventory, which is ring-fence just for Ten members.
So you get everything that's on the internet through somebody like a Ticketmaster, and you get access to inventory, which is not available on the internet. This way for our members to buy inventory of tickets, which is really useful for them and lots of which is not available on the internet, really does drive customer loyalty, Net Promoter Score, customer retention, customer acquisition, and so on. Where we've got availability to buy Taylor Swift tickets or Ed Sheeran tickets, or tickets for a particular sports match on our platform that they can't get elsewhere, that's incredibly powerful. And because digital booking is so cost-efficient, our corporates are excited about promoting that very heavily, so we get a lot more active members. Once somebody is an active member on a medium-value contract, they're encouraged to carry on using the service digitally.
Sometimes they'll use it high touch as well. Where they're high value or very high-value members, they're also encouraged to use the service digitally, but also encouraged to use it at high touch. And if somebody who uses the service for the first time digitally, one who's very high value, for instance, might well also place 3-10 high touch requests in the following year. So it drives digital uptake, but also high touch uptake where the corporate is willing and keen to pay for that. Where the corporate is not willing and keen to pay for that, we drive people to digital. So this is something that we're launching in the coming weeks, on digital entertainment. And then as a fast follower across the rest of the year, we've got various other things as well.
So dining is the next one, where today you can book availability, which is not available to just users of the internet. So you can book tables that aren't available online, but we're radically increasing that. So we are hoping and expecting and working towards taking the number of restaurants you can book on our platform from 11,000, 11,500 to closer to 60,000, and, along with that, to put benefits or access and straight through digital booking for all of those. And again, that will allow our corporates to promote that very heavily, bringing more active members into the service, but also will encourage people to use us for their everyday dining. Today, most of our members use us when they're stuck.
They use us for the really difficult restaurants, and very often they use us after they've tried to get a table and failed. Because we'll have better availability and a better range than any one dining API on the internet, we'll be able to become the everyday booking service for our members, as well as for the special occasions, the most difficult restaurants. And that then allows us to scale that up, drive frequency, which drives customer loyalty, but also drive some members to then use us for high touch again, where they want to. Where the corporate client wants people to use us for high touch, we can then make that available for, but they'll only really need to use us for the most complicated requests, but we'll have far higher usage overall.
The events module is also being improved so that we can make that more bookable online. We're improving hotel functionality as well, and we're putting more categories into pay with installments in Latin America, and that's something we can roll out into other markets as well. Also, at the moment, we're investing in the technology that our lifestyle Managers are using. We'll talk about AI in a little bit, but TenMAID that lifestyle Managers use all day, every day for organizing requests for members is being improved. We're improving how we manage requests on that. We're streamlining how we take payments from members and how easy it is for members to authorize payments. We're making sure that it's tied in with our workflows management so that we plan our resources more effectively.
Again, a 5% difference to how well we manage our lifestyle managers is worth GBP 1.5 million a year to us. So TenMAID version three is something, again, we're expecting to launch towards the end of this calendar year. And then increasing member engagement is a result of improving the proposition. But there are some other things outside of the proposition which are important as well. So content outside of login means that we're gonna have far more content available for people that don't yet know if they want our service, to see more of our service before they register. And all of our research shows that that's gonna bring far more members into our platform and into our service.
We're also removing login friction so people don't get logged off quite so often, and so that they only need to re-log in when they're actually about to use a credit card and buy. So we keep the data security while making more things available and for longer. So we're very excited about what we're doing on our platform and on the TenMAID platform that our lifestyle managers use. But one of the most exciting things in the business is around AI. We've got a short video, a four-minute video, which we're gonna play now, and that will really help explain why we are excited. Our business is made for AI, and it's something that we are rolling out inside the business and have rolled out already with some very positive results.
As artificial intelligence develops, Ten is at the forefront, investing into AI's power, enhancing efficiency, productivity, and igniting the creativity of our teams. From our tech-savvy developers to our lifestyle managers, AI is transformational. Our product and tech teams are already weaving AI into their daily routines with GitHub Copilot, seeing 15%-20% efficiencies in their workflow. Our content team are reimagining their workflows around content creation and speed of translation. The biggest phase one impact is on our operational and service support, who are using generative AI tech to speed up processes and refine their operations. Ten's AI and automation strategy comprises three building blocks: generative AI, two, automation, and three, AI-driven functions with our enterprise apps.
All these building blocks will boost the productivity of Ten's operational support teams, including customer experience and people experience, and most significantly, our expert lifestyle managers, ultimately improving the member experience. Phase one of generative AI is exciting. We've built a Ten-specific enterprise variant of Microsoft Azure OpenAI or ChatGPT. With it, our teams can securely tap into AI's potential while we safeguard data and compliance. In phase two, we enrich our AI models. This will give access Ten's proposition assets, which encompasses a wide range of options, from our expertly curated hotel collections to our exclusive dining partnerships and in-depth destination guides. Our proposition assets have been meticulously built and vetted and frequently offer added member-only benefits, all thanks to the efforts of our dedicated proposition team from around the world.
Pulling from TenMAID, our master repository of all our requests, the AI sharpens its responses, aiding our lifestyle managers in delivering unparalleled service. Come phase three, AI will directly integrate with our hotel and dining partnership APIs. It'll be smarter, checking inventory and pricing in real time. And alongside this AI journey, our existing chatbot is evolving. This chatbot is built upon the ongoing AI model that lifestyle managers would, which essentially provides the human experience and backup support needed for its ongoing development, a feature that sets us apart from others. We are continuously monitoring member queries and expanding its knowledge base to handle a broader range of member questions about the service. Our automation blueprint is also expanding.
Imagine getting a timely reminder to utilize our concierge service for an upcoming trip, or receiving an alert about a special brand offer, or being the first to know when your favorite band tours. Even more members will receive a personalized Ten experience, driving customer service levels, retention, and profitability. We're also zooming in on repetitive tasks of our lifestyle managers and operational teams, transforming them with tech and automation. We are using AI, too, in our enterprise apps like Genesys Cloud and Tableau. Genesys now ensures members connect with their ideal lifestyle managers, while our customer experience team dive deep into sentiment analysis to identify service improvement opportunities and targeted coaching opportunities. As AI evolves, we'll use its insights to further optimize our models, positioning Ten for more seamless AI-assisted member interactions in the future.
In summary, Ten is uniquely positioned to reap benefits from AI technology, given our access to data, unique proposition assets through our long-standing partners and suppliers, delivery model, and a revenue model that scales. With unwavering focus and investment, Ten is on the path to becoming the world's top AI-driven personal service.
So you can see why we are excited about the impact that AI is already having inside the business, and then as the AI improves and is helping our lifestyle managers more and more and more, then we will increasingly see how we can release that same functionality for our members to use and to self-serve. At least on the medium value contracts in particular, and where requests are predictable and fairly straightforward and risk-free. Now, to come to growth, where from here? Well, again, for us, it's about growing existing clients, and launching things like the new technologies around dining and tickets. And the improved technologies around travel is a major part of that. And then it's also winning new clients.
Again, winning new clients gets a lot easier, with the point of difference we've got around technology, AI, the platform, and TenMAID. And that allows us to win new clients and convert them, and win new clients from existing, competitors, who have clients, who have, contracts already, but also to win white space with new corporate clients around the world. And then winning into new verticals and winning, new clients in new verticals as well, is something that we expect to be doing more of towards the end of this year. Update on contract developments. So we have grown, the number of large contracts by one, grown the number of medium contracts. Overall, we've won working with Standard Chartered, Emirates NBD in the U.A.E.
We've grown a big contract in the States, so moved from a medium contract to a large contract. And as a new vertical, we've started supporting the top travel consultants who work for GTC in the U.S. to help them provide a broader lifestyle support service to their customers, and that's an interesting new space for us. We also had a change to a framework agreement, and this is where we are losing a large contract, so that's something that we regret because we've not been used to that. For the last four years, we haven't lost a single medium, large, or extra large contract. However, there are ways that we can mitigate that. So firstly, the framework agreement with this business means that we've got two contracts with them.
One contract they are retaining, that's been re-signed on good terms. But on the other contract as well, we are signposting those members who have been using the service under the brand that we're gonna stop working with, and those members can join our private service, and we were planning to relaunch private membership anyway towards the end of this calendar year, and this gives us a huge fillip, a huge boost to that opportunity. So with that, prudent, we believe that that will have a net impact of between GBP 1.5 million and GBP 2.5 million, which will then be mitigated in turn by contracts that we win and contracts that we grow outside of that.
So our outlook is that we have launched new contracts and are launching new contracts moving forward that will help us develop in H2 of this year and beyond. We expect that to drive revenue growth, notwithstanding the change in contract that we've just discussed. Delivering against our digital roadmap, including AI, but also TenMAID and the platform, will help drive growth as well. All of those things together, we expect to generate net cash in the second half of the year, along with the seasonality driven by supplier revenue. So we don't need to change our expectations for the full financial year and looking forward to growth thereafter.