I'm Alex Cheatle. I'm the Chief Executive and Co-founder, and Alan Donald's going to be talking soon as CFO. I'll be running through the highlights of the last year, and then Alan will talk through the financial results and a reminder of our business model. I'll then dive back into an operational update and looking forward to [audio distortion] from here, and we'll have time for Q&A at the end. Overall, we've had a year where we've sustained the improvements of the last couple of years. In the previous two reported years, we grew at 30% a year and we had a step change last year in profitability. The good news is that that step change in profitability is sustained, and the revenue growth is also sustained.
Whilst we didn't grow revenues and we didn't grow profit by much, albeit we did grow by a bit, what we did do was sustain a very big setup improvement from the previous years. W e're now in a great position to continue to grow, because of our investment in tech and improving our proposition, a nd we'll talk more of that in a little. A lso say that, since the year-end, we've won an extra-large contract in the USA, and we've won a medium contract in one of our most mature markets in Asia. B oth of those will make a difference to H2 of this current year, a nd both of them are good signs of us growing in markets.
The USA, the market with the most high net worths in the world, and the market that we've grown into in Asia is a super important market for us, which is also very good and we've won that from a competitor. Great growth in the last couple of years, and then we've sustained at around GBP 63 million in net revenues. Active members have also stayed around the same in the last year, after a lot of growth in the last two years. Adjusted EBITDA is up, but profit before tax is actually marginally down, and that's because of movement in non-cash items, amortization, depreciation, as well as increased interest and some FX losses. As a business, we're all about becoming the world's most trusted service platform for our members.
We’re the best place in the world to organize travel, dining, tickets, retail, but then also the most trusted to drive customer loyalty for the world’s leading brands, particularly in financial services. T his brand logo list is a number of our top financial service clients around the world. I’ve actually got more corporate clients than this, but this is a very good slide for us to show because what it demonstrates is that these people that use us to drive the commercial impact, and the profitability that they get from their most valued clients are people that can afford to invest more and more with us. T he reason they do that is because we drive ROI for them.
The more they spend with us, the more money they make because they have an improvement in client retention, client acquisition, and share of client. W hether that's improved spend on card, or whether it's improved assets under management or improved upsell of just cash, or lending that they benefit from their clients. What we can prove to them is with their own data very often, that positive impact that gives them an improved return on investment. W e do that by delivering the world's best services in travel, dining, entertainment, luxury, retail. I n travel, we give people the best pricing when they want that, but also we've got an amazing team of lifestyle managers and travel experts that can organize the best holidays for people.
We're going through all the kind of detailed things that make a difference on a complex itinerary, whether it's a honeymoon or a sabbatical trip, down to just a flying flop holiday. W e've got great benefits, room upgrades, early check-in, late checkouts, complimentary breakfasts at thousands and thousands of the world's top hotels, as well as best pricing at almost all of the world's hotels. In dining, we are the world's best recommendation, and booking service, and more about how we're improving on that later on. Entertainment, again, we're going to talk about later on in this presentation, but we're becoming the best place to organize your music, theater, sport, and other events as well.
Again, we've developed in luxury retail, lots more events around the world, which our luxury retailers put on for us to get our members into their stores, drinking champagne, eating canapés, and then what the retailer then wants is those people to then buy luxury items. Other things around those four main pillars on the left-hand side, experiences and content inspiration are also important parts of our service. T he reason why people invest in Ten is that we were a huge market opportunity with a number one market leader in concierge, and we've got a proven growth engine. T he market opportunity, g ood to think of this in two ways. Firstly, we are still 0.2% of the customer loyalty market in financial services alone, s o we could grow that very significantly and still have lots of room for growth.
Even more importantly than that, as we become the best way to organize travel, dining, tickets, retail, that market opportunity becomes absolutely vast, to be organizing the world in those four areas for the world's high-net-worths and mass-affluent is an extremely powerful place to be. T hat's a huge market above and beyond customer loyalty and financial services, but within corporate concierge, delivering concierge through other brands and actually delivering it in total with a number one market leader outside of American Express. W e're the number one in terms of investment into tech and assets, where assets might be relationships with hotels or restaurants, or inventory of tickets.
We've got these long-term contracts with the brands that you saw earlier across multiple years, that allows us to have the mass affluent and high net worth side of a two-sided marketplace, the suppliers being on the other side of that marketplace. T hen that growth engine means that as we mature our business, the business gets better because it gets more efficient and higher quality. Both of the efficiency improvements and the quality improvements allow us to continue to drive growth, and create a deep competitive moat and a more and more valuable business. T hat growth engine is worth looking out for, those of you that haven't seen it, i t's on our website. R eally, this slide is a summary of that, but it's a four-minute video that's worth looking at on the website. W here from here? I t's about growing our large member base.
W e've got that member base and that mature platform. Now it's a question of just scaling it. W e only need to scale it in the markets, the verticals of travel, dining, retail, and entertainment. We don't need new verticals within our proposition. We're in financial services. Actually, just growing in financial services would be enough, albeit we are exploring. We've got some very interesting stuff going on in markets outside financial services as well, a nd then we're already profitable and generating cash. T hat allows us to reinvest into the growth engine, and grow our balance sheet as well. Alan, over to you.
Thank you, Alex. I'll firstly go through our income statement. As Alex said, we've broadly maintained our net revenue at 62.9. We actually reduced our operating expenses for the year, and that's driven our improved adjusted EBITDA at 12.8, which on a margin basis is a 1.2% increase to 20.3% in the year. Also, as I've said, we continue to invest in our digital capabilities, so our amortization increased to 5.8. T o drive efficiencies out into the business, we did take some exceptional costs of 0.7 in the year and that's going to drive efficiencies going forward. Our finance expense was increased by 0.7 during the year, and that was due to the higher loan and lease interest, as well as FX losses on our intercompany balances.
While we did make a second consecutive year of PBT of 0.5, the impact of that higher loan and lease interest, x, did impact year on year, so slightly down. We also recognize a tax credit in the year, and that's recognizing some of our deferred tax asset off the back of historical losses as we go forward. This is the net revenue bridge that we show normally. As I said, net revenue maintained at 62.9, although there was a bit of a currency tailwind, so we're actually up 1.5%, but we're in a constant currency. Our base corporate revenue did grow to 0.9, and then our net increase of 0.3 on new contracts more than offset the large contract, we lost Coutts in H2 2024. Our supply library was slightly up at 0.2.
The next slide shows the historical breakdown of supply revenue. The graph just shows our half-year performance pre-COVID, coming through COVID, and the recovery since then. Our supply revenue is mostly travel-related, and it's about just over 12% of our net revenue. Pretty consistent through the year as we continue to invest in the product offering around that, as well as maintaining and developing our supplier relationships across the globe. From a net revenue adjusted EBITDA by region, as I said, overall we were flat, and then there were small movements on the net revenue. Europe up 2%, Americas down 3%, EMEA up 2%, so flat overall. If you look at the adjusted EBITDA, Europe, which is our most mature region, adjusted EBITDA was up 1.2% to 10.4%, and the margin at 39% is the highest in our most mature region.
Americas Adjusted EBITDA did dip in the year, and that reflects continued investment and preparation for new contract launches. A s Alex mentioned, we did win this extra-large contract in the U.S., which won post-balance sheet. T hen EMEA, strong profit performance up 0.9% to 1.8%, and that was on the back of new contract launches and continual operational efficiencies. Continued technology investment. This graph on the right-hand side just shows what we're spending on our technology platforms, comms, and infrastructure, so it's looking at our total cash cost, both P&L and capitalized. I n the year, we spent GBP 12.8 million, of which GBP 6.7 million, we capitalized as we developed those assets. W hy do we do that? It grows competitive advantage. It grows efficiency, service levels, and revenue across the business.
As you can see, the purple line shows the actual percentage tech investment as a percentage of net revenue, and that has declined each year since 2021. We see that continuing, and the percentage of tech spend as a percentage of revenue will continue to fall as we grow the business. Cash flow, we did increase our cash and cash equivalents at 1.1% to 9.2% against 8.2% last year, and our net cash increased a little bit at 0.2% to 3.9% in the year. A little bit of a hit to operating cash flow through working capital movements and the reduction in PBT. As I said, we continue to invest in technology. That's the GBP 6.7 million we developed. At the start of the year, we did take out some more loan notes of GBP 1.1 million just to help the balance sheet.
Moving on, this is just a reminder of our business model. This next slide, we show the pie chart, just shows the split of our revenue, so the corporate revenue is what our clients pay us to look after their high-value members. 88% of our revenue comes from that, and supplier revenue, which mostly travel rates is 12% of revenue, as I've said. On the right-hand side, our typical contracts, they are long-term contracts, normally three years and often with agreed minimums in there. W e get paid by activity via high-touch requests through talking to one of our lifestyle managers, either through email or through phone or through WhatsApp. T hen it's through our platform, TenMAID, which is self-service through our platform, and that's what drives our total corporate client revenue.
This slide as well, we're looking at, is that this is looking at the eligible members we have that can use our service and the active members who've actually used it. A s a reminder, we do actually segment our clients looking through the lens of the bank, how they value their member. W e look at it from a medium point of view, high and very high. Medium maybe being a credit card that somebody might have, high being on a premium bank account, and then very high, where some members may have assets under management. W e do look at that and how we segment it. On the left-hand side of the graph, we're just looking at the eligible members who can use our service in the high an,d very high value, because medium, there's many millions, so it wouldn't fit in the graph.
A s you can see, we broadly maintain that at 2.1 million. T hen in terms of active members, who's actually used our service at least once in the last 12 months, as you can see, we've broadly maintained that overall across all three segments, coming out just under 350. L astly, we do look at our average revenue per active member, average concierge revenue. We don't show the scale of that because it gives our competitors a view of how we're making our money back. J ust t o show you, as you can see in the very high, the banks can afford to pay us up to over 3x a bank or a credit card company in the medium.
I t shows the value of that and how much more they can spend, because that customer is very valuable to them, so they can spend more money with them. T hat's going to be the quantum between each of the value segments, a nd then how do we actually interact? T he proper operation is different by value segment. W hat we do is we look at it between medium, high, and very high, a nd it's a sort of gradient. T hat in the medium, it's digital first. It's going through the digital platform. It's using ECR and productivity, AI and chat. It's having online content inventory and marketing driving them to the platform to use it. T hen on the high segment, it's more of an enhanced hybrid. I t's an omnichannel contact. You can talk to our lifestyle manager or through the digital platform.
There's some target offers and live events, and we have that high-touch offline service, if you need to use this off the back of the platform and some personalized marketing. T hen you go to the very high segment, it was a lot more personalized. We may have a dedicated team, high personalization and proactivity, some guaranteed ring- fence inventory, get to use our private travel service, which we're growing, and there's unlimited marketing. We can do that, and we can customize that proactivity, so that's how we actually interact and we differentiate the proper operation by value segment.
Thank you, Alan. We've won five medium contracts, including with a private bank in EMEA, Emirates NBD in the Middle East, and the Global Travel Collection, we continue to invest into our tech. We've also won some awards. This is just something to celebrate. We won the Concierge Agency of the Year, the top awards ceremony. Spear's gave us a recommendation. We also won the TTG Luxury Travel Awards, not only for being a great lifestyle concierge service, but actually for being a travel service, just the travel part of our business there as well. In banking, it's important to say that it continues to be the case that banks, credit cards, and wealth managers are looking to round out their offering.
Where previously many of them offered banking, lending, investments, and protection insurance, now offering lifestyle, they accept, helps them with acquisition, retention, share of customer, and customer profitability. That continues to be a big driver of our growth. That driver is amplified because of improvements to our service. One area that we've improved in the last year is in tickets for music, theater, and sport. We've integrated Ticketmaster, one of the first people in the world to integrate the Ticketmaster API.
W e've also integrated Ingresso, which gives us access to lots of theater and our own box office for where we've got our own tickets of inventory, where we can build a box office within our own tech to, for instance, market and allow members to book tickets for our box at The O2 or an allocation of tickets at any venue anywhere in the world we can lay out on our platform. Now, the reason this is important, is that this allows us to own more stock, as in we normally do it on sale or return. We don't actually take inventory risk, but to have more stock that we make available to our members that our banks can then market.
W e can do that very often in response to the demand from individual members, who tell us that they're interested in Coldplay or they tell us they're interested in Drake, or they're interested in the ballet. W e can then let them now what we've got. They can just book it online, which is the preferred medium for most of our members. O ur corporates, what they get from that is more adoption of the service. People are delighted because they could get Ed Sheeran tickets, that they couldn't get as just a normal member of the public, but they could get it because they bank with a particular bank or they've got a wealth management relationship or a particular credit card. That really drives up acquisition, retention, share of customer, a nd it's because it's often personalized to the member.
That really gives them even more of a kick and a buzz, and a net positive impact on the commercials as well. Plus, when they come to buy tickets through us digitally, they then find out about other aspects of our service, and that drives the rest of our business too. T ickets isn't the only part of the business that we've improved. P robably the best way to explain how we've improved dining in the last year, is just to play a short video of some of the world's top chefs explaining how we work.
I really enjoy working with Ten. I really trust their expertise. I like to work with Ten because it's a totally natural partnership made of excellence on both parts.
I think the thing that really separates and elevates what Ten Group do as a lifestyle concierge is the knowledge that they have in coming in, getting to know the chef, getting to know the cuisine, understanding truly what it is that we do here at Moxie.
Ten are very discerning, and they pick and choose the best. W e're very proud to be associated with Ten.
We really value the partnership with Ten, because it introduces us to people, guests that we possibly wouldn't meet otherwise.
We really love working with Ten because they care about crafting the experience, and we do too.
They take the time to visit the restaurants, and to get to know the chef and the cuisine.
We really love to work with Ten, because we share the same philosophy in terms of luxury, lifestyle, and standards.
We love to work with the concierge because first of all, they have the same standard of excellence. It's a joy actually to work with people that can elevate you also.
What I love is that they have global access, and yet they want to make sure that their clients have local experience.
Concierge are themselves right in this world of excellence, offering their guests something truly special.
We're looking forward to seeing them more soon.
This is Dining Times Ten.
Great. We 've also, in the year, improved our proposition from an ESG point of view. W e've continued to be retained as a B Corp- accredited business, which means essentially that we're paying attention to doing the right thing for the planet and the people that live on it, as well as doing the right thing for shareholders. Now, this is not an, are we doing the right thing for shareholders or the right thing for the planet kind of choice? This allows us to recruit and retain excellent quality staff, and also directly ties in with us making more money, both in terms of revenue and profit, because many of our corporate partners want to drive ESG-driven propositions through to their client groups. I t increases how much we can market, and how much we can engage new members.
In terms of our proposition, what we've already built on our digital platform is super impressive, and it's getting more impressive. S ome of the things we've improved in the last year, is we've launched a co-pilot, AI-driven co-pilot. We've launched something called [Ten Lingo], which is how we translate using AI, between all the different languages that we operate in. That's hugely increased the amount of language coverage that we've got in terms of content around the world of Ten. W e've driven automation not only into how we deliver service to our members, but also how we actually deliver our own internal departments and how they work as well. We're doing more through chat, chatbots, and WhatsApp. I n WhatsApp and chat, that's easier, in fact, very straightforward to implement AI integrations that allow us to triage requests before they get to a lifestyle manager.
More about that later on. P ersonalization is also something that we've driven a lot across the last year, gathering a lot more information about individual members, so we can serve them better and continue to drive engagement and customer success, driving the profitability of our corporate partners. F rom here, so in the next 12 months, we're currently expecting to deliver this kind of roadmap. Some of these items will drift into 2026, but most of them should be achieved this year. S ome of them is around content outside login, for instance. We've noticed that many of our members, when they're first activated, come to our pages before they log in and then drop off. They don't log in because they don't understand the full range of what we can do, s o we're improving content outside login, fairly straightforward.
Once they're into our service, top left-hand side, we'Re hugely increasing the number of restaurants that they can book. I n the U.K., for instance, 98% of restaurants that our members want to book will be available digitally online on our platform, many of them with better availability than they have on their own website or on other partners' websites, and many of them with benefits that aren't available to members of the public. We're improving TenMAID, that our lifestyle managers use. A s we improve that, for every 10% difference that makes the efficiency of our lifestyle managers, that drives GBP 2.5 million to the bottom line in terms of cash and profit.
T hen we're also developing AI chatbots, that allow our members to relate to us, and engage with us in a super- efficient way that drives down the cost of servicing, but drives up the speed of response. AI is something that we're going to be reporting back to you in the coming months, about our progress here, because we have got some extraordinary advantages. I f you think about, there's lots of AI bots out there that are doing wonderful things, but essentially what they're doing, is they're just servicing what's already available to the public on the internet. Our proposition is that we get much better results than an individual can get using the Internet itself, and everything that's on it. W e've already got better coverage and better than the internet results in dining, hotels, tickets, and car hire.
We'll work on airlines in the next 12 months as well. In some markets, we've got full coverage on dining. Other markets, it's more partial. W e've got globally, full coverage on hotels, pretty good coverage on tickets for the major events, and that's growing all the time. Airlines, we've got great coverage, but our proposition in terms of price isn't yet better than the Internet. It kind of matches the internet. Car hire is pretty strong as well. P articularly with dining and hotels, we should be automating lots of that, where members want to relate to us like that in the coming months. Now, one of our other advantages is when AI fails, we can seamlessly drop through to a very, very strong group of lifestyle managers available 24/7, 365 that can pick up where the AI fails .
Can pick up, i t might fail because we don't have coverage of that particular asset the member wants. It might fail because the member's asking for something particularly complicated that AI can't yet solve, or because the member just simply wants to talk to a human being. In each of those cases, we'll make our wonderful lifestyle managers available to take over. Again, a pure digital play doesn't have that. T hat means today, the experience of members using a pure digital play is one of disappointment in many, many cases. We've also got a revenue model in place with that extraordinary range of brands you saw earlier on, that allows us to make more money and revenues as we drive usage, and digital usage led by AI is a major part of that. We're also driving tailwinds, because more suppliers are making better high-quality APIs available.
Large language models are improving all the time, and using chat, WhatsApp, and other channels is also improving what we can do. Some changes we've had in the business, Jules has stepped up to become our Chairman at the beginning of this last reported financial year. Ed and Carolyn have joined us to support our growth as well, a nd so they've been in the business for over a year now.
T hen John Mullen joined us more recently as a new CTO, very focused on AI, a very good track record of developing complex platforms and putting AI very usefully into businesses. I n his previous business, he created AI-driven commentary for sports events. He was able to pull out the highlights of sports events and broadcast them in almost simultaneous time periods, and also work on outcome predictions for betting using AI and automation, s o where from here?
Essentially, as you know, we grow our revenues by growing with current clients, winning new clients, and then growing into new markets, which allows us to address even more corporate clients. That's where most of our revenue comes from, on top of supplier revenue and our private membership. Supplier revenue, about 12%, as Alan talked earlier on. Private membership, less than 2% of our net revenues today, s o it's mostly corporate clients where we're growing. T hen as we grow and as we put more automation and tech into our business, that then grows the profitability that allows us to reinvest back into growth. I n terms of current trading, we're seeing that come through with wins. W e won an extra large contract in the U.S. with an existing global client, and that's worth an additional GBP 5+ million in corporate revenue.
We also won a medium contract in Asia with a new client, and that's from a competitor and a very good sign for us to be winning in that mature market from competition, growing our scale in a market in which we're already mature. The fourth bullet point there, we raised almost GBP 6 million in new equity into the business through a secondary placing, and that has supported the growth of the two contracts I've just mentioned, as well as strengthening our balance sheet and paying off some expensive debt that we had in the business.
Where from here? W e're expecting 2025 to be a year of net revenue growth and profitability growth behind that corporate revenue growth, and growth in efficiencies inside our business. O f course, always looking to improve the member experience both through tech, and through our lifestyle managers and through extracting more value for our members from our supplier base.