Increased financials have been recorded by online tour operator On the Beach, with underlying profit before tax up 25% to £31 million in the financial year ending 30 September, as revenue grew 14% year-on-year to £128.2 million, with total transaction value (TTV) setting a record for the third consecutive year, up 15% to £1.21 billion.
Delivered significant volume growth with Summer 24 passengers up 13% versus Summer 23.
Manchester-based On The Beach said it expects summer 2025 to again be “significantly ahead” of last year and said it is on track for underlying profit expectations to rise 22% to £37.9 million.
It reiterated its final dividend for the first time since Covid-19 created turmoil in the travel and tourism industry and announced a £25 million share buyback in a further boost for investors, driving shares up around 12%.
Shaun Morton, Chief Executive Officer of On the Beach Group plc, commented:
“I am delighted to report yet another record-breaking performance this year, achieving Group TTV of £1.2 billion, representing our third consecutive year of revenue growth. With a 25% year on year increase in Group adjusted profit before tax, and a strong balance sheet, we are entering FY25 in better shape than ever.
FY24 growth has continued into the new financial year with YTD TTV up 14% and bookings growth of 15% versus the prior year.
“The positive momentum in FY24 has continued into the new financial year, with TTV 14% ahead of last year, indicating that customers continue to prioritise their spending on holidays. Winter ’24 volumes are currently at record levels, up 25% year on year, as customers seek winter sun or a European city break, and we anticipate Summer ‘25 to be significantly ahead of last year, with bookings to date supporting this”
According to the group, TTV has grown by 14% so far in the new financial year, with winter bookings up 25% and planned orders at record levels.
“Our strategy and positive booking trends, underpinned by our track record of delivery, gives us every confidence in delivering on our medium-term ambition to double TTV to £2.5 billion, achieve EBITDA of £100 million and Adjusted PBT of £85m.”
