REG - On the Beach Group - AGM Trading Update

On Beach groupAnnouncement

26/01/2024 07:00

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RNS Number : 0408B  On the Beach Group PLC  26 January 2024

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 TTV(1) 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 expectations(2).

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                  via FTI Consulting

 Shaun Morton, Chief Executive Officer

 Jon Wormald, Chief Financial Officer

 FTI Consulting                          Tel: +44 (0)20 3727 1000

 Alex Beagley                            onthebeach@fticonsulting.com

 Fiona Walker

 Harriet Jackson

 Hannah Butler

 

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 (http://www.onthebeachgroupplc.com/)

 

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