26
January 2024
On the
Beach Group plc
("On the
Beach" or the "Group")
AGM
Trading Update
On the Beach Group plc (LSE: OTB.L)
issues the following year to date trading update (FY24), in advance
of its Annual General Meeting to be held later today.
Following its best ever summer, the
Group began FY24 with a record forward order book and significant
momentum. This has continued into the peak booking period with FY24
TTV1 27% ahead of the equivalent period in
FY23.
On the Beach continues to invest in
its proposition, brand and platform to differentiate its offer,
powering year on year growth across core and expansion areas, with
B2C 3*, 5* and long haul each delivering year to date growth. B2C
3* TTV is +8%, B2C 5* TTV is +41% and B2C long haul TTV is +86%
versus the equivalent period in FY23.
The Group has taken the opportunity
to price competitively and focus on volume growth to capture share
in a growing market, and remains confident in delivering FY24
profit in line with current market
expectations2.
Shaun Morton, Chief Executive of On the Beach Group plc,
commented:
"I am pleased to report that the
momentum we experienced throughout last year has continued into
this new financial year, with significant TTV growth across our
core and expansion areas. We believe this is due to a combination
of realising our investments across our proprietary platform, brand
and customer proposition and consumers continuing to prioritise
holidays, viewing it as non-discretionary expenditure.
"Winter '23 TTV is currently 34%
ahead of the prior year and current trends continue to give the
Board confidence that Summer '24 will be significantly ahead of
Summer '23."
1 TTV: the total transaction value of holidays sold during
the period up to and including 24 January 2024, before
cancellations and amendments.
2 Based on company compiled consensus ("Consensus") from ten
contributing analysts. Consensus FY24E Adjusted PBT is
£30.0m.
For further
information:
|
On the Beach Group plc
Shaun Morton, Chief Executive
Officer
Jon Wormald, Chief Financial
Officer
|
via FTI Consulting
|
|
FTI Consulting
Alex Beagley
Fiona Walker
Harriet Jackson
Hannah Butler
|
Tel: +44 (0)20 3727 1000
onthebeach@fticonsulting.com
|
About On the Beach
On the Beach Group plc is one of the
UK's largest online beach holidays retailers, with significant
opportunities for growth. Its innovative technology, low-cost base
and strong customer-value proposition provides a structural
challenge to legacy tour operators and online travel agents, as it
continues disrupting the online retail of beach holidays. Its model
is customer-centric, asset light, profitable and cash
generative.
Cautionary statement
This announcement may contain
certain forward-looking statements with respect to the financial
condition, results, operations and businesses of the Group. Forward
looking statements are sometimes, but not always, identified by
their use of a date in the future or such words as 'anticipates',
'aims', 'due', 'will', 'could', 'may', 'should', 'expects',
'believes', 'intends', 'plans', 'targets', 'goal' or 'estimates'.
These forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. There are a number of factors that
could cause actual results or developments to differ materially
from those expressed or implied by these forward-looking
statements, including factors outside the Group's control. The
forward-looking statements reflect the knowledge and information
available at the date of preparation of this announcement and will
not be updated during the year.
www.onthebeachgroupplc.com