I'm Alex Cheatle. I'm the Chief Executive Co-founder, and Alan Donald's going to be talking soon as CFO.
Our mission remains that we want to become the world's most trusted service platform, working behind global brands. I think we're more excited than ever because the tech is now available to really make that vision happen quicker and better than ever before. More of that later. Our growth engine that sits at the heart of the business model is working well for us. As our business gets bigger, it gets better, and it becomes more efficient. We'll see how we're doing on that in a little moment. It's a huge market opportunity. Not only are we a fraction of the market for customer loyalty in financial services, but we're an even smaller fraction of the market for organizing travel, lifestyle, luxury retail, tickets, dining as our key categories.
However, within our niche market, we are the number one leader, both in terms of scale, technology, success, reputation, and so on. On top of that, the growth engine means that we can build on that success to be ever stronger. Now, recently, the net revenue is up. We have seen growth in net revenue, both on constant currency and in absolute terms. Profitability is also up. Cash and cash equivalents are up. We have won an extra-large contract in the U.S., an important market for us, and a medium contract in EMEA and in Japan, the single largest opportunity market for us in Asia. We have continued to invest at the similar levels that we have done over the last few years into tech, specifically around AI. We have grown the number of active members.
Now, importantly, since the end of the half, so since the end of February, we have also made six advances, either with existing clients or with new clients, winning and underpinning profitable growth into next year. We will talk a little bit more about that in Outlook. Here you can see the growth. All of these are full years apart from the final bar on net revenue and Adjusted EBITDA here, PBT. We are halfway through the year. H1 is always a little bit smaller for us, both in terms of net revenue and particularly EBITDA and PBT. We are doing well and showing growth on last year, as we have just talked. I will hand over to Alan to talk the business model.
Thank you, Alex. Just as a reminder, our revenue model is that we get most of our revenue from our corporate clients, paying after their high-value members. We get supplier revenue, which is mostly travel commission. A typical contract is through a high-touch request or a manager or a digital request, which we can go into more detail later. That wraps up into our total corporate revenue. These contracts are long-term in nature with some agreed minimums. These are a list of our corporate clients. These are mostly financial services. No real change here. As Alex said, we renewed quite a few in the post-half year as well. We will go through that. Why did we do that? I wanted clients to come to us.
We can demonstrate an ROI to them by improving customer acquisition, retention, and profitability, be it through higher spend, AUM, and the upsell versus non-users of our service. It also drives Net Promoter Score and gets loyalty to the customers. What do we do? We do travel, dining, entertainment, luxury retail experiences, inspiration. I won't go through each of these bullet points. Alex will cover the tech advances we've had, as we just talked about, around how we're linking in and getting agentic AI to support us going forward. This is how we look at our membership base. We do, as you know, segment it into very high, high, and medium segments. Very high being sort of asset under management, high being premium banking and credit cards, and the medium being through the networks, be it MasterCard, Visa, Amex.
This looks at our eligible member base just for the high and very high on the left-hand side. That is the year-end number with 2.1 million eligible members in that little segment. We have millions more in the medium segment. There are active members that have grown from the year-end as we have the new contracts coming on board. Got a net increase of 5,000 to the end of the year and half year. Active members are when we have used ourselves at least once in the last 12 months. We look at the concierge revenue per active member to remind you that on the very high segments, they can afford to spend more per active member than the high or medium because of the value those members have or those clients have for the banks.
We make up to three times the average concierge revenue per active member on very high compared to medium. This is how we sort of differentiate the proposition by value segments between medium, high, and very high, where medium will be more digital-first, and that is what we will go through in more detail a bit later on, where high may be more enhanced hybrid, and very high will be really personalized, dedicated team, and productivity in terms of how we market to those members. Moving on to financial results, Alex has already given you a high level. As you said, net revenue has been up on both actual and constant currency. We have managed to maintain operating expenses flat year on year, and that has meant our Adjusted EBITDA is up nearly 12%, up to $6 million against $5.3 million last year.
I am improving EBITDA margin as well, just under 19% against 17% last year. We continue to invest in digital investments, so our position is broadly flat. Share placements are a little bit down because we did have a one-off charge last year for the extension of the salary sacrifice options that we have for our staff. Net finance expense was flat. That means our PBT is actually up $0.8 million to $1.1 million in the half year against $0.3 million last year. Just looking at the net revenue bridge, base corporate revenue was up $1.2 million. We did have good growth in some of our base business. A few of our clients are actually holding back in marketing until we get the full digital rollout. We are hoping that will come through, especially in 2025, 2026.
Our new contract wins have basically offset the last contract loss, and that's been offset. Our supplier revenue is just slightly up at 0.1. A little bit of headwind on FX to get to our actual number. Supplier revenue has remained consistent with some of the new business coming in and some advancements in terms of improved product offering and supplier relationships across all of the regions, which has helped us maintain our supplier revenue. If you look at it by region, the net revenue between Europe, Americas, and EMEA. Within Europe, net revenue up down 5% in Q4 2024. That's impacted the margin on our EBITDA, down 33% against 39%. That's our most mature region in the group. America has net revenue down 1%, but up 1% in constant currency.
That's where some of our clients are awaiting our enhanced digital rollout. Sort of growth has been sort of flat there in that market. Our Adjusted EBITDA is in line with prior year, with some of the FX rates, favorable FX rates, offsetting some of the setup costs that we had for our new XL contract that we won in Americas that launched in December last year. Really good performance in EMEA, net revenue up 30%. That's where we've had strong base business growth and demand. Adjusted EBITDA is up $1.2 million to $1.8 million. Strong EBITDA growth as we get to continue operational efficiencies in that region as we grow that business. This is just a slide we normally show that looks at the sustained technology investment.
The $6.6 million we spent in the half year, that's our total investment cash cost across P&L and capitalization. Of that $6.6 million, $3.2 million was capitalized in the half year. Why do we do that? It drives competitive advantage, efficiency, service levels, and revenues, and it really drives that operating jaws of increased revenue and reduced operational costs going forward. Lastly, our cash flow, operating cash was $2.3 million in the period. That has been impacted by a sort of increased net working capital, which is our normal working capital. There is more out in H1 that comes back in H2, and we will be positive in H2. Within that, as I said, we have invested in our technology at $3.2 million. The shares received in $5.7 million, we used some of that to repay all of the related party loans that have now been repaid of $1.5 million.
That's left us with a net capitalization of $6.8 million against $1.9 million last year and $3.9 million at the year-end. That was a quick run-through. I'll hand back to Alex.
Thank you very much. We are not going to play the video here of our agentic AI, but that's an eight-minute video that we are using with corporate clients now. I am going to skip this slide, but this is just really to talk about why we have got the opportunity to really make AI happen in our business. Instead, I will talk about we have launched entertainment. The Box Office is live and is growing our ticketing business well. Dining, we have deployed SevenRooms, which in the U.K., for instance, is about 40% of the top restaurants. We are now building the API integration with OpenTable that will give us 99% of restaurants in the U.K. that our members want to book. We have improved service functionality.
We're rolling out WhatsApp, but we also launched Line, which is the kind of Japanese equivalent of WhatsApp or WeChat in Japan, which is going well. We have launched our agentic AI as Beta, and we will be launching that later in the year. We've been showing that to corporate clients. When we've shown our tech improvements as well as the agentic AI to our corporate clients, the feedback is really validating that this is what's going to be growing our business. My favorite one there is top left. What you've built is what we want to buy. Effectively, people want us to be touching more members at a lower cost per member per interaction because they then get a better return, a better ROI, and they're future-proofing their business.
The feedback we're getting back from our clients is that we're miles ahead of the competition and that this is something that they want to grow our business behind because it grows their customer metrics. Ticketing is a good example of that because we've integrated the Box Office, Ticketmaster, Ingre sso. We can market tickets at much higher volumes. The cost to the corporate client of us fulfilling those digitally is a fraction of when it was high touch. That means they want us to be asking our members, "Which bands and shows are you interested in?" so we tell them about them when they come up with priority booking. That becomes a virtual cycle in ticketing where we book more tickets, make more of their customers happy at a lower cost so we can do it at a much, much bigger scale.
AI isn't only about improved servicing and improving our service and efficiencies by category. Here's an example about where we've used AI to drive content and communication efficiencies. We've used AI to create content, to translate content, to source content sometimes, and also to make sure that people can discover our content more easily. All of that has saved us a huge amount of money whilst driving up the amount of content and hence the amount of engagement that's available to our members and our corporate partners. Across the business, not only in translation and design, but also in technical quality assurance and application support, we have been using AI to reduce the roles and the cost in those areas. We've been reinvesting what we've saved money in one area.
We're investing it into AI developers, transformation managers who are making the changes happen and will make the changes continue to happen, and an investment in growth with a sales director in North America driving our business in that key market. You know we're about winning more contracts, growing in new markets as well, not least behind the AI that's creating more products for us, and growing the number of members that use us on each program, which is why having the support of our corporate clients who want to invest more with us is so important. I also thought we'd mention, given the kind of geopolitics of today, that Ten remains very, very diversified. Actually, we're more diversified than ever because we're a service business. We don't have tariff exposure.
If people did become more concerned about things being delivered from countries abroad, that's no terrible thing for us because mostly we deliver our services in market in countries like the U.S. or Japan. We're in market. In Brazil, we're in market. Switzerland, the U.K., we're mostly delivering our services in market. We'll be diversifying even more into other categories but behind our digital model. Final thing to say, after the financial crash, Lehman Brothers, we grew at 30% and then continued very material double-digit growth in all of the few years after the financial crash because banks and wealth managers wanted to invest more to retain their cash-rich clients then. That we would expect to continue to do well in all the scenarios that we've looked at. Where from here?
Since the end of the period, we've had good news on six different contracts, some of them new contracts, some of them renegotiated contracts at better rates, but all of them underpinning growth into next financial year. Many of these things won't make a big difference to this year, but they will for next year. The response to the Capital Markets Day was good. People are beginning to understand the difference that AI and technology can make in our business. Now it's up to us to prove that in the real numbers. Of course, the first start of proving that is to get our corporate clients to want to roll it out with increased revenue. That's gone very well so far. For us now, we expect to continue to generate net cash in the period we're in now, H2 2025, that will end at the end of August.
Beyond that, our expectations are including this year are unchanged for now. Clearly, we would hope that we would start having upgrades at some point as we announce new wins and time will tell. We are feeling good in the business, and thank you, everybody, for your support and for listening to this today. Thank you.