Super. Thank you, everybody, for coming along. This session is for the shareholders of Ten who have taken an interest in the business and who we have just come from. Alan and I have just come from the last week of seeing fund managers and family offices and so on. This is for other shareholders in the business. We would love to run through how we are doing and share with you the results for the year to the end of August 2025, and then share with you some of our plans for next year as well. Let me just share the deck. I am going to run through the highlights of the year, and then Alan is going to talk through the business model, a reminder most of you know the business model already, and then talk through what we have achieved financially.
I'll update on some of the operational improvements in the business, largely around tech and what that means for our business moving forward, and particularly talk about what we're expecting in the next year and further ahead than that. We'll make sure we've got time for questions after that. Overall, the business has grown on every single financial metric, and that's partly because we won an extra-large contract in the U.S. Just to explain that, an extra-large contract is a contract that's worth more than GBP 5 million a year to us. We launched that around Christmas time last year. On top of that, we've continued to invest in tech, and we'll show you the results of some of that technology later on. This really brings live everything else that was on the last slide.
We have grown revenues, we have grown the number of active members, we have grown the number of material contracts in the business. Because of that growth and because we have been investing successfully in tech to make us more efficient, we have improved the profitability of the business, both on an EBITDA basis, profit before tax, and impact on cash. Because we had more cash in the business, we were able to pay off the loan note, so we are now debt-free in the business. We remain obsessed with becoming the best service platform in your lives to help you organize travel, tickets, dining, retail. We get paid to do that by blue chip clients who get customer benefits by offering our service.
These are all clients of Ten, most of them have been clients of Ten for a long time, who pay us because we deliver great service to their top customers. The data on the right here is new data. When we do customer surveys in compliance with how our corporate clients want us to ask them, the Net Promoter Score survey, we've added a question onto that saying, "How much does your concierge service play a part in who you choose to bank with or have a credit card with or do your wealth management through?" The results have been particularly strong. We're delighted to have this, and it's something that our corporate clients are responding very well to.
54% overall of the people that use our service says that our services play a strong or decisive role in who they bank with or have their wealth management relationship with or have a credit card with. Actually, a far bigger number says it plays some kind of role in that decision. This really helps us on top of the data that we've already got that shows that we can impact retention and acquisition of customers and grow customer wealth as well, or grow, sorry, the wealth that customers give a banker or a wealth manager to look after also. A reminder, our members, the top of this circle here, they use our service, paid for by our corporates through email, chat, phone, and by using our Digital Platform.
When they use our Digital Platform to self-serve, that's one way of using our service, or they use our expert lifestyle managers who use Ten MAID and other technologies to serve them better. Behind all of that sits hundreds of thousands of hotels and restaurants and sources for tickets and retailers and so on. That's our ecosystem. The reason why people invest in the business is because as we invest in tech, our business becomes more efficient. Actually, we're holding our tech investment flat at the moment. It's been flat for the last couple of years. It's going to be flat, we expect, for the next few as well. As we grow the revenue in the business, our cost base, as far as technology goes, stays flat, and that generates margin.
Even more importantly, the investment that we put into tech makes our lifestyle managers more efficient. If we can make our lifestyle managers 10% more efficient, that's worth GBP 2.5 million a year to us, bottom line cash generation. If the year after that we can make our business another 10% more efficient, then that's worth GBP 5 million cumulatively a year to us in extra profit and cash. We are today, in the world of customer loyalty in financial services, which is the immediate market we play in, we're still less than 0.25% of that market. There's plenty of room for us to grow. There's plenty of banks that don't have lifestyle services. There's plenty of banks that do, but who could spend far more with us.
We are the market leader in this space with the best investment in technology in the space as well, and we're the proven growth engine. For those of you that haven't watched it recently, the growth engine video is really worth.
Sorry, Alex.
Yeah.
Hi, sorry. We're having a bit more feedback on the line. Some of the attendees are saying that there's an echo. Everyone is on mute, so there shouldn't be an echo, but perhaps we could pause, and perhaps Alan, you could move into another room. Okay, they're saying I'm also echoey.
From my side, I can hear you okay, Keziah, so I'm not sure why.
Alan, perhaps are you on your laptop? Can you move into another room? Sorry about this, everyone. I will just try and fix the line.
Okay, that should. Keziah, is it still echoing now? Just to check if it's still echoing now. I can't think why it could be or should be. Is that okay? Maybe a thumbs up? Apologies for this. We've not had any issues like this across the rest of the roadshow, and this is our 18th meeting.
Looks like everybody else can hear okay, Alex. I think we can go ahead.
Okay, so I'll press on. On our website, under the shareholders section of the Ten Group website, this growth engine has been updated. And really, what it shows is that as we grow our business, more members use us, more members use us again. That delivers a stronger ROI for our corporate clients. They invest more with us, and that is happening. We can then invest some of that back into improving the member proposition, and the extra buying power helps with that as well. The smaller growth engine on the left, the flywheel, means as we invest in technology, we get improved cash generation, better margins, and a better quality service because it's quicker and more personalized, and all of that drives the growth engine further as well. There's a four-minute version of that on the website that's really worth having a look at.
Alan, over to you to talk the business model.
Thank you, Alex. This is just a reminder of our revenue model. The majority of our revenue comes from the corporates who pay us to look after their high-value members. That is 88% of our corporate revenue. We make 12% of our net revenue from supplier revenue, which is mostly travel-related and hotel commissions. If you look at the breakdown of that corporate client revenue, these are typically long-term contracts, three to five years, and about 60% of them have guaranteed minimums within those contracts. Basically, we get paid by activity, be it through a high-touch request, through using one of our lifestyle managers, either through phone, email, chat, or through our Digital Platform self-serve. The high-touch service, we get paid more per request than digital. However, digital is a lot more profitable for us from a margin perspective. Next slide, Alex.
The key to us is growing active members. We're up 7% to 375,000 through the year end, August. We get those active members through the eligible member base. We segment our client base between very high, high, and medium. Very high being clients who may have assets under management, high where they may have a premium bank account or premium credit card, and medium where we actually sell through the network providers, that's Mastercard, Visa, or Amex. The left-hand graph is showing the eligible members in the high and very high segment, so 2.1 million. In the medium segment, we've got tens of millions, so we can't graph that, but that's the potential of the eligible service within medium. As I said, active members in the year has grown 7% to 375,000.
In fact, since year-end, to the end of October, our active members have grown to 387,000, so we have seen good growth in the first two months of the year. The proposition does differentiate by value segment. For the medium, we do go digital-first because the banks or credit card companies cannot afford to pay as much in terms of per active member, and digital-first is a low-cost option for them. For high, it is more of a high-enhanced hybrid, so it is lifestyle manager and digital. When you get to the very high, it is a very personalized service. You may have a dedicated LM team, exclusive experiences, use of our private travel service. We do actually differentiate our proposition by value segment. Why do we do that?
If you look at the concierge revenue per active member by value segments, we do earn up to three times as much in the very high segment compared to the medium, and that's because the banks just can afford to spend more money with those clients. This is an example of a business case or case study in relation to a European bank where we put digital-first. This is a bank that we had a long-standing partnership with, and it was a managed program, and historically, it was all high-touch with limited digital services. Back in 2022, we decided to re-engage with the customers and try and drive more marketing through a digital-first model. That was redesigning all of this sort of interaction through digital channels, adding self-serve, location-based features, and also keeping the high-touch, the expert support for more complex travel and bespoke experiences.
The outcome over the last three years between 2022 and 2025 just ended. From a client perspective, we managed to drive digital usage up by 50%, engaging more customers and improving satisfaction at scale. Active members actually were up 40% CAGR, and the NPS went up by 25 percentage points. The bank was really happy with that in terms of happier members using it through digital, so the cost per interaction was down. For us at Ten, what had happened? The contract grew by 25% CAGR over those three years, so doubled in size. Active members trebled, and requests doubled over that time. Our margins actually improved from about 40% three years ago to 65% this year. That shows that as we grow digital, we can grow both revenue, we can grow active members, and we can grow profit as well.
Then just moving on to the detail of the financial results. As Alex said, we've had a solid year this year. Record net revenue of GBP 65.7 million. I've got a bridge on that, which I can go through. Our record reported Adjusted EBITDA of GBP 14.6 million, and even underlying Adjusted EBITDA at constant rates of exchange and excluding some one-off costs, that was at GBP 14.5 million. A strong EBITDA performance, growing faster than our revenue, with our margin up at 22%. We continue to invest in our digital capabilities, and I've got a slide on that later. Our amortization was GBP 6.1 million. We did do some specific restructuring the year as we got the business more efficient, and that cost is GBP 0.7 million. That all added up to a third consecutive year of PBT and record PBT of GBP 2.9 million, which is a five-fold increase on last year.
I talked about the net revenue bridge, so we did have a bit of headwind on our currency, mostly US dollars. Actually, at constant currency, net revenue was GBP 67.1 million, so we had a GBP 1.4 million impact on FX. As you can see, our base corporate revenue did grow by GBP 3.2 million. We did have new contract wins during the year. The extra-large contract in the U.S. and three medium wins in AMEA and Europe contributed GBP 4.5 million. The contract losses, the majority of that GBP 3.7 million, is basically related to Coutts. As you remember, we lost that large contract right at the end of the last financial year. Despite that, supply revenue held up well, just up GBP 0.2 million. The next slide just shows how supply revenue has been maintained over the last couple of years.
This graph shows the strong recovery from COVID, and then we've settled around 12% of net revenue in the last couple of years. That shows the consistent supply revenue in the year reflects the strong product offering, and we've managed to replace some of the commission we lost with Coutts with other growth elsewhere. If you look at the net revenue and Adjusted EBITDA by region, just to call out Europe, as you know, is our most mature region. Even with the loss of Coutts, the margin is still 36.3%. The revenue was down, and EBITDA was down a bit, but we're still a good margin business, and some growth in other areas offsets some of the Coutts loss. AMEA was the star region of the year. Net revenue was up 47% to GBP 15.7 million, and that was supported by the two new launches in Japan.
Really, 100% contract retention and really sustained member demand across the base business. Along with operational efficiencies, that really grew our Adjusted EBITDA up double, and the actual margin improvement to 27.4%, which is a 12 percentage point increase. Americas net revenue was down slightly at 2%, and that was some of the FX headwinds. Some of our clients deferred growth until pending the full digital rollout, which Alex will explain later. That was partly offset by the new extra-large contract launch I mentioned. Adjusted EBITDA was slightly up from GBP 0.4 million to GBP 1 million driven by some favorable FX and the new contract launch. As I said, we continue to invest in our technology. However, it becomes a reducing percentage of our net revenue going forward. If you look at the graph, the purple is what we capitalized.
We capitalized GBP 6.7 million this year, and that was the same amount as last year. The operating spend, which is the orange bar, came down slightly year on year. We see that trend continuing. We do not think, we know, we do not want to spend any more on development, and that will be flat as we go forward. It will be a reducing percentage of our net revenue as we grow the business. Cash flow, we did generate a cash inflow of GBP 0.3 million in the year, with our cash and cash equivalents being increased by GBP 1.3 million to GBP 10.6 million, net cash at GBP 9.7 million. I talk about the investment in technology. That is the GBP 6.7 million I mentioned earlier.
As you know, we did do a share placing at the start of the year to raise cash to support the extra-large contract loss and give some of our working capital back. That was GBP 5.7 million, and that allowed us to repay some loan notes in the year of GBP 4.5 million. Lastly, just going through the balance sheet, our strength in the year was due to the new share issue and increased profit. Post-year balance sheet, we have now repaid all the loan notes, so we are now debt-free in the business. We have terminated that invoice discount facility that we had, and that has been replaced by a three-year GBP 5 million revolving credit facility within NatWest, which just gives us support on some of our short-term working capital requirements and gives us a buffer going forward. Right, I'll hand back to Alex now.
Thank you, Alan. Let me just touch on some of the ways that we've improved the service. Before I do that, I'm going to play a two-minute video, which is an update on the proposition that we put in front of our members. This is something which some of you will have seen before, but notice that almost every number here, every metric, is improved on previous years. Let me just play this now.
Ten delivers far better service, access, and benefits to our members than what's publicly available. By combining proprietary technology, industry expertise, and negotiated partnerships with hundreds of thousands of attractive brands across dining, entertainment, travel, and retail. When eating out in the U.K., for example, our members can search almost all good restaurants and experience better availability or benefits at 30% of Michelin-star restaurants and at over half of the most in-demand restaurants. That's because we have direct integrations with reservation systems and industry partnerships enabled by our members' high spend levels. Our platform uses data to tailor recommendations at home and abroad, while dining experts are available whenever preferred. Ten's entertainment services give our members unparalleled access to live events. We let them know when their favorite artist is going on sale, and then they can book face value tickets via Ten's allocations.
With the launch of Ten Box Office, alongside other API integrations, we're becoming a preferred channel globally for the industry rights holders who want to attract our high spenders. Ten supports members brilliantly when they travel. Unlike traditional travel agents, we don't rely on commissions. This means we can give greater value and personalized choices. We leverage member spending for better rates. Ten's global hotel collection offers over 5,000 luxury hotels with perks like upgrades and free breakfast. While the Essential Collection provides over 720,000 hotels, 15% cheaper than the best rates on the open internet. Members can browse guides for inspiration, create itineraries, and then book digitally or consult our travel experts for more complex trips. Retail brands offer our members special benefits, events, and discounts.
By serving the best access, value, and benefits across the connected categories of dining, entertainment, travel, and shopping, Ten gives our members what they want and drives value for our corporate clients and revenues and profits for the company.
Our proposition continues to develop, and across the last year, we've actually made a number of other improvements as well. We've deployed new technologies, we've won new contracts in Japan, in the U.S., here in Europe as well, and we've digitized dining in particular, as well as continued with the rollout of tickets. Inside the business, I talked earlier on about how we can make our lifestyle managers more efficient, and really that's about improving and rolling out Ten MAID. AI Guardian is an aspect of Ten MAID that allows us to QA and check the work that a lifestyle manager does and change it before it goes out to the member.
It can check for easy things like spelling mistakes, but can also make sure that the lifestyle manager has put the right dates in, has used the member's correct name, has maybe proposed the right things to go alongside with a request to make it even more effective. The Ten Copilot allows the lifestyle managers to have immediate access to all of the information at Ten, which means they can solve more things more quickly. Ten PX allows the lifestyle manager to personalize the service to a member as they're speaking to them on the phone, and it also allows even more at an even greater scale, allows us to personalize the service to the member digitally through emails, text messages, WhatsApp messages, and so on, just making sure that we're telling members about things that we know they'll be interested in when we know they'll be interested in them.
All of that grows margins and grows the quality of the service too, which drives revenues. Externally, on the right-hand side of the slide here, we've got some of the ways that we've improved the quality of the service on the Digital Platforms that our members can use. We've launched Talia, a WhatsApp chat, which can book, find, recommend, and book restaurants for you, all without needing you to go to a platform or even talk to anybody. That is pretty great tech, and that's out with our private members already. We're testing it, and we've already launched it to our first corporate client, but we're gradually rolling that out around the world. Entertainment's gone live, and Digital Dining again has gone live.
Earlier on, you saw in the video that we've got benefits at 30% of the Michelin-starred restaurants in the U.K., either access or benefits like complimentary champagne, signed cookbook, complimentary courses, and so on. We've got benefits or access at 50% of the most requested restaurants that come into the business. Massive upgrade on this time a year ago. I'll quickly show you how Digital Dining works in practice here. It's just a 30-second video. There's even more here that we've built into the Digital Platform. This deck is on the shareholder part of the Ten site, so you can check this out at your leisure. On the right-hand side, we've improved search for hotels. We've improved the level of dining integrations that we've got. We've put more content outside login.
Before a member joins Ten, they can see more about our service, which encourages more people to sign up. We've launched Line in Japan, which is the kind of WhatsApp equivalent. We've launched better prepayments for reservations, all sorts of other things, all of which just add to the quality of the service. They add to the number of members using our service and using us again. Where from here? Last year, we grew the business somewhat. We grew the number of active members, and we grew the profitability as a percentage quite well. However, we want to do better. We want to win more clients. We want to win more business from existing clients, and we want to start moving into new verticals as well. All of that will drive the top line.
When we add GBP 10 worth of revenue, we expect half of that to drop to the bottom line. At the same time, we want to be making the business more efficient as we continue to invest in the technologies we talked about earlier on and see that hitting our numbers. This is taken from our RNS. Trading since the end of the year has continued to be in line with market expectations. The market expectations that are out there in the analyst coverage is for revenues this year of GBP 73 million. Adjusted EBITDA are only GBP 1 million up from GBP 14.5 million that we have achieved to GBP 15.5 million in this year. These are not huge expectations, and clearly we want to meet them, and all being well, do far better. Active members are already up.
This is just the 387 here is just to the end of October. We continue to benefit from the fact that wealth managers, private banks, they want to invest in customer loyalty with their most profitable customers, and we've got better and better case studies to share with them. Here in the U.K., we've launched the Digital Platform to Royal Bank of Scotland, which has got a group, which obviously is a part of the NatWest Group, and we expect that to be a precursor to a launch across the rest of the NatWest Group. We are continuing to roll out technologies, win new contracts, roll those out, and continue to generate a profitable cash-generative business with that growth engine working in practice. I'm going to stop sharing the screen, and we can move to questions.
We can pick questions up either in the chat or in the Q&A panel. We'll see what comes through on that, but we'd love to take any questions. One of the questions, while we're waiting for people to put any questions into the chat or the Q&A, one of the questions we had from somebody earlier on was that we referenced in our RNS a new contract in a new vertical with a tech business. That's actually a contract with Meta, one of the biggest tech businesses, of course, helping provide a concierge service to support their team managers. In fact, anybody who's a line manager at Meta organizes motivational events for their teams, whether that's a meal out or going to have a team event in an escape room or bowling or anything like that to organize that.
We're doing that in New York, Seattle, Palo Alto, and hopefully around the rest of the world too. It is also good for us to be putting our technology as well as our service into one of the world's best tech businesses. You'll also know that Meta is one of the businesses which is best regarded for how they look after their employees. Google would be another one. Having them as a flagship client in that still very new market for us of looking after the employees of top companies is a great way to start. Got another question, which in some ways is the elephant in the room. Thank you for asking it. I'm not sure who asked this question, but they said, "What about the share price?" Yeah, I mean, the share price is terrible. We're down at GBP 0.58, GBP 0.59, GBP 0.60.
We've been as low as GBP 0.49 even while we're achieving all these results. What about that? We need to carry on making sure that we deliver on revenue growth and on profitability growth, and that will achieve. We've already seen 17 fund managers since our results came out last week. I would say all of them, I think every single meeting we've had, Alan, has been positive. Lots of the fund managers in the small cap market are not flush with cash, and many of them do not have anything to invest right now. There's also some hesitancy before the budget. On the flip side, we've had a number of new investors. I've counted five that have started investing since the summer, and all five of those investors are underweight versus what they would ordinarily want to invest in the business.
If somebody has already bought GBP 500,000 worth of shares, they normally want to hold two or three. That's typically a good thing because they're going to make up the rest of that in the market at some point. With the share price, we are going to continue the good fight of growing net revenues, growing profitability. Of course, if that does not make a radical difference to the share price next year, then the board will be thinking about what other actions we should take. I can't talk about that too much now without setting a whole train off in motion. I've still got a mortgage on my house, and the only listed shares I own are in Ten, and that's the vast, vast majority of my wealth. I own almost 12% of the business.
I'm in exactly the same position as all of you, probably far more so. We're not going to sit around and wait for the share price to fix itself apart from by continuing to improve the numbers. Next year will be a good year to either see improvements, radical, radical improvements, or to take another route. At the moment, it's plan A, continue to grow revenues, cash, profits, and get the results in the market. Alan, do you want to take the question on how much is our free cash flow generation and what are we going to do with it?
Yeah. As I said earlier, we did generate a bit of cash in the last year, about GBP 300,000 over the whole year. If you look at what the market expectation is in terms of revenue and EBITDA for this year, we will be generating operating cash flow at a much higher level this year than we did the year just gone. We do have a sort of two-halves in our working capital. H1 normally eats a little bit of cash, and H2 comes back. I would say H1 will be significantly improved year on year, and over the whole year, we will generate cash. Now, what we do with that, once we have cash in the bank, we have not discussed that at the board in terms of capital allocation, but it is a nice problem to have in terms of what we do with that cash.
We may stick it on the balance sheet, may invest some of it back into the business if it's the right thing to do. We're underselling at the moment, so we might invest in that or other options for cash going forward, but that hasn't been decided by the board as of yet.
Where we invest back into the business, we would only expect to invest back into the business after we've demonstrated increased profitability and cash generation. Do not think that the small additional investment we might make in BD would not be something that wouldn't result in an increase in bottom line profitability as well. One of the other questions is, have we considered moving our listing to the U.S.? Yes, we have. I think all the feedback is that that could be a good thing to do at some point as we grow our U.S. business in particular, but also as we grow our market cap.
Today, market cap of sub $100 million moving to the U.S. would not be the silver bullet that it might look like because liquidity in stocks at our kind of level in the U.S. is not a whole lot better than it is here in the U.K. Valuation's definitely better, but typically for businesses that are just the stage above us. We're keeping our eyes and ears open on that and every other option to increase the returns for shareholders. You're absolutely right, by the way. The thinking on free cash flow, we could use it to buy back stock. That's what somebody has asked. Could we use it to buy back stock? Yes, we could. That would be one of the options we would look at.
You're also right that that would be an inviting prospect for fund managers and also for the IHT funds who will find out next week whether they've got a good future or no future on the A market when the budget comes out. There we are. We have seen quite a few IHT funds, but they currently are holding back off new investments until next week. We'll see what happens there. I think one of the other questions is, what is the principal reason that's holding banks back from adopting our services? I think we need to do more selling at more senior levels around the world is the first thing. We have been successful in winning contracts around the world, but I believe we could be more successful selling at more senior levels, more contracts.
I think secondly, it's about actually finding a gap in their roadmap. Launching a concierge service as a white space does require a multi-million-GBP investment for a decent-sized bank. Just the way banks choose to do that is they need to feel quite secure in that investment. The more case studies we've got globally, but also in their market, the easier that becomes. Selling in the U.K., where we've already got very successful programs with NatWest, HSBC, Barclays, is relatively easy because other banks can say, "They're doing it. It makes sense. I can do it." In markets where we've only got one client or no clients, it's a whole lot harder, but it gets easier. Your second client is easier than your first and so on. Watch this space.
We would expect and hope to see one reason why net revenue would rise would be because we'd be winning more white space clients. The question there was, what's holding banks back from adopting our services or any other concierge provider? Where it's a new contract, I expect us to win it. Whilst we won't win every contract out there, I expect us to win it because our technology is so much more advanced than our competition, and that's more and more visible in the proposition that we put out there, as you just saw with Digital Dining, the Box Office, travel, and so on. Very happy to win against competitors and to continue to win against competitors.
I've got a comment here as well about, "I'm surprised that a strategic buyer or PE wouldn't be interested in a takeover of this business given the data that we have." That is, yep, it's not that people aren't interested. I think our focus today is on making the business more digital. That in itself will make us more attractive to any shareholder, whether it's a strategic PE or other people that want to invest in the market, because not just building that tech, but letting it demonstrate free cash generation, improved service, top-line growth is super important. All of that makes us more attractive to any kind of investor or buyer of shares in the business.
Outstanding. We missed one question follow-up. It's in terms of your existing products. What is market share of A, customers who use concierge, B, customers who could use concierge?
Do you want me to take that? Do you want to take that with an eligible?
Yeah. I mean, how we grow this business will be through our existing business we have today. So it's actually converting more of the eligible members we have today into active members. That will grow our business. I think roughly that will be of our growth going forward, half of that will come from base business. We will look at probably the other half coming from new business, which either will be running from competitors, which would be another 50% of that, 50%, or for white space. We see that's the opportunity to grow the business. I think when you look at the base business we have today, actually with our digital capabilities now, it's actually going down the food chain in terms of banks.
We deal with the sort of ultra-net worth, high-value clients, or then we're looking at the mass affluent. As an example, we do NatWest Black today, but we could introduce it to NatWest Premier as a digital-only service. That gives us the capability to get to bigger scale. In the Premier space, there's over 1 million members there, whereas in the NatWest Black space, there's maybe 250,000 . The digital capabilities we've now built will allow us to go into the wider mass affluent market going forward as well.
Does anyone else?
No, I think that's good. I think another question we had was, what about Coutts? So everybody knows we lost Coutts well over a year ago now. We want to win that back. You'd be surprised if we weren't aiming on winning that back. Watch this space. That's not a promise at all, but we believe that damaged their business quite significantly to stop offering our service. We had extremely high, towards the end of the contract, we had a Net Promoter Score of over 80. We had extremely high usage from the people using the service and fantastic feedback. There was a huge amount of regret expressed by Coutts clients when the service was taken away. They have a new chief exec who wasn't involved in that decision, and you would expect us to be looking to see what we could do there.
You're absolutely right that we're actually doing more business than ever with NatWest Black, which of course is a little bit strange given that we're not working with Coutts, which is part of the same group. Question. Actually, Alan, do you want to take the question about great results in Asia, but contributions low in Americas? Do you want to talk about that just again?
Yes.
Sorry. Quick question back on Coutts. Follow-up question. Coutts did not replace us with a competitor? No. Coutts stopped working with us shortly after they lost their chief exec, their group chief exec during Farage Gate. I believe we were part of the fallout from that terrible, quite traumatic time at Coutts when they lost their chief exec and their group chief exec over the space of a few weeks. I cannot really go into more details on that, but that was very comfortable. That was a one-off, and we were not replaced by a competitor. That is right.
Just ask that question on the Americas region. Yeah, you're right. Our revenues are quite large. It's similar to Europe, but contribution is low. We've got very good business in Latin America, and that's profitable for us. Where we need to actually improve the margin is in the U.S., particularly. We've been in the U.S. for a number of years, but we have quite small dedicated contracts that's difficult to scale. The fact that we've won Visa U.S., which was an extra-large contract, helps in getting our scalability, and we'll manage to drive more volume through that contract. We launched a high digital service at the start of the year in January, and then we just launched a digital service last month. By doing that, we'll then go out and sell through Visa U.S. into the second-tier banks.
We'll use Visa as our reseller to grow that business. We did invest in a new sales director in the U.S. who's joined us in March, Todd. We are investing in the U.S. because we see that opportunity. There are probably costs sitting in the U.S. today that we're still spending to make sure that we can drive revenue and drive profit going forward. As we see, that's a good opportunity.
A question on improving shareholder value. I think that comes back to, obviously, just improving the fundamentals in the business is a good thing, but also doing more work with the big tech businesses and some of the other big platform businesses, I think, is a good thing because many of them have expressed an interest in different ways of having AI-assisted services that help serve customers in a joined-up way. We do that. We do that increasingly using tech. We're the market leader in doing that, and that is nowhere affected in our share price. Working more with people like Meta and the other big platform players. There are seven or eight of them on my shortlist of the people that we either are talking with or should be talking with. Just to get on their radar and demonstrate what we're up to with them is important.
I think beyond that, there are other things as well that we can do if the stock market does not respond well enough to all of the improvements that we are making. Having said that, whatever we do, we should be seeing an improvement as we continue to grow revenues, cash, and so on. I think the budget next week should at least let everyone know where they stand. People that want to invest will be able to invest either before then or after that. Everyone will be very clear about what they could or should be doing. We will continue to improve the fundamentals in the business, but next year also, if things do not change, we will be taking a proper look at what else we should be doing.
Obviously, we've got thoughts on that already, but probably not appropriate to talk about them now and nothing in play right now. Any other questions or thoughts? We've used a slightly different format today, but I really appreciate all of you showing up and coming along to this. We'll give it another couple of minutes for any other thoughts or comments. Complimentary membership for long-term shareholders. We have actually looked into that. The initial advice we were given was that that would count as a shareholder inducement and be banned, but somebody else has told us that that's nonsense. We'll have a look at that. That is actually somewhere on kind of page three of the to-do list. I haven't got around to it, but it has been lots of people think that's a good idea. I think that's a good idea too.
We will take a look at it. I don't think it'd be complimentary because I think you should pay for it. It's a damn good service, but it could be a better price. I need to figure out if we're allowed to do that compliance-wise. Other questions or thoughts? Alan, is there anything else that we've been asked by fund managers or? I would say, sorry, one thing. We are all together. We've got about 30 meetings altogether, which we've had 17 so far, either with holders, some of whom are quite relatively recent and underweight, as in they could invest more, and also a whole bunch of new shareholders as well, potentially new shareholders, many of whom have taken a lot of interest in the business, what we're up to. They've tracked our progress, and all of them are saying, "Look, all the metrics have improved.
That's a good thing. I'd say the warmth in the market to us seems very, very real, and we've never had a better set of results, a better response to our results. Now, of course, what we all want to see is that share price getting back up to GBP 1 and beyond to even start reflecting the value that I see in the business. Onwards and upwards, and we'll continue to sell, execute well in the business that will drive margins as well as future growth. That should reflect itself in the share price. As I say, if it doesn't, we'll take another look at what else we should do because we won't carry on with a share price down at anything like the levels that we're at today. We will respond to that. Onwards and upwards.
I think within the business, we feel like we're doing most of the big things very well. Where we can improve on what we're doing, I think we've got good plans to do that. Particularly, I think a shout-out to our new CTO who joined us 13, 14 months ago, who has transformed the quality of tech leadership in the business. We've seen that flow through in the quality and the speed of the technical roadmap that's delivering to us today. That technical roadmap isn't just nice-to-have tech. None of it's nice-to-have tech. It's all stuff that drives either revenues or drives profitability. That should also help make all of our jobs easier and better and make your investment stronger and more valuable in the months and years ahead. Thank you, everybody, for coming along. Really appreciate it.
Please do continue to take an interest in Ten. Any of you have got friends who make investments as well? It seems to me to be a very good time to be looking at our numbers and deciding what's right. We hope that many more people will become shareholders and start to drive that share price up to something close to what it should be at. Thank you very much and appreciate it. See you. Our next results will be in for the period to the end of February. We will put a trading update out probably in March, and then we will have those results in April, I would have thought. Thank you. See you then, but please be in touch before then if you have got any other questions. Thank you very much.
Thank you, everyone.
Thank you.