REG - On the Beach Group - INTERIM RESULTS
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260512:nRSL8742Da&default-theme=true
RNS Number : 8742D On the Beach Group PLC 12 May 2026
12 May 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018.
On the Beach Group plc
("On the Beach", "OTB", the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2026 ("H1 FY26")
RECORD BOOKING VOLUMES, STRATEGIC PROGRESS AND GUIDANCE REINSTATED, DESPITE A
CHALLENGING ENVIRONMENT
Group Financial & Operational Summary
Group summary (unaudited) H1 26 H1 25((4)) H1 26 vs H1 25
Restated
Travelled volumes '000 ((5)) 201.6 165.2 +22%
Booking volumes '000 ((5)) 324.2 303.6 +7%
Booked TTV ((1)) £626.2m £611.7m £14.5m
Revenue ((2)) £52.2m £59.4m (£7.2m)
Adjusted revenue ((3)) £52.9m £59.3m (£6.4m)
Adjusted EBITDA ((3)) £6.4m £12.8m (£6.4m)
Adjusted profit before tax ((3)) £2.3m £8.4m (£6.1m)
Profit before tax (£3.2m) £4.5m (£7.7m)
Net Debt ((3)) (£27.5m) (£29.5m) £2.0m
Cash in Trust £209.9m £224.2m (£14.3m)
Dividends per share (interim) 1.0p 1.0p -
(1) Booked TTV ('TTV') is the Group total transaction value of holidays
booked in the period before cancellations and adjustments.
(2) Revenue H1 26 is stated inclusive of exceptional cancellations for
the period ended 31 March 2026, due to the conflict in the Middle East.
(3) See glossary for reconciliation to nearest GAAP measure.
(4) The prior period is restated for the effect of operations that were
discontinued in the prior financial year.
(5) Volumes on an as earned basis, stated pre amends and cancellations.
Financial summary
· Record H1 booking volumes of 324k, growing by +7% and significantly ahead of
the market, with TTV +2% despite significant industry headwinds.
· Adjusted revenue of £52.9m (down £6.4m), demonstrating the resilience of the
model given widespread demand disruption from the conflict in the Middle East
since 1 March, and outperformance of higher-growth City and shorter-duration
Winter travel, with record travelled volumes +22%.
· Reduction in revenue from competitive pricing given the challenging
environment, and an industry-wide later booking profile which is continuing to
build as customers book higher value summer holidays closer to departure.
· Marketing and overheads are broadly flat, with investment in technology
enabling growth into new expansion areas, increasing conversion, driving
marketing effectiveness and delivering operational efficiency.
· Adjusted EBITDA of £6.4m (H1 25: £12.8m) and adjusted PBT of £2.3m (H1 25:
£8.4m), as a result of the revenue decline and a well-controlled cost base.
· Group is well positioned to manage ongoing volatility underpinned by a strong
balance sheet and an asset light, profitable, cash generative operating model,
with £88m of headroom and £209.9m in the customer trust account.
· Strong capital discipline maintained; net debt decreased by £2.0m, while
continuing to return capital to shareholders. c.£33m capital committed to
buying shares and paying dividends in the period.
· Board is confident in the Group's prospects and is declaring an interim
dividend of 1.0p, in line with prior year.
Strategic highlights
· Execution of strategy is scaling the business, building loyalty and
enabling OTB to take share:
o Customer search funnel conversion is +24%.
o App monthly active users are +29%.
o App booking mix now represents 38% of all bookings.
o In year repeat bookings +24%.
o 2 year repeat rates +17%.
o Booked volumes +7% and travelled volumes +22%, vs total market (ATOL) +3%.
· Significant growth in bookings across key strategic expansion areas:
o City volume growth: +116%.
o Republic of Ireland volume growth: +74%.
o Poised to take share in the large, high growth Cruise market.
· AI is now fully embedded across the business. As first mover in the
UK package holiday space, OTB recently launched its app in Chat GPT,
demonstrating tech readiness and integration capability for AI discovery, with
further integrations expected in H2.
Current trading and outlook
· OTB continues to trade profitably and generate cash.
· Although demand remains more subdued as a result of the conflict in
the Middle East, booking activity has stabilised to a more consistent trading
pattern since the half year.
· Bookings over the last 6 weeks since H1 26 are +9% as we approach the
key Summer departure months.
· Despite the current geopolitical uncertainty and a challenging
consumer environment, the Board is reinstating FY guidance and is confident in
delivering Adjusted PBT in the range of £18m-25m.
· The significant strategic progress made during the period further
underpins OTB's prospects for the medium term.
Shaun Morton, Chief Executive of On the Beach Group plc, commented:
"We entered the new financial year with strong momentum as our broadened offer
continued to attract new and existing customers, delivering TTV growth of 2%
and bookings volumes growth of 7%, significantly ahead of the market. However,
whilst the Group has limited exposure to destinations in the Middle East, the
ongoing conflict has impacted consumer demand since 1 March and led the Group
to withdraw its guidance, as announced in the AGM Trading Update. H2 booking
activity has stabilised to a more consistent trading pattern and bookings over
the last 6 weeks are up 9% as we approach the key Summer departure months. As
a result, we have today reinstated guidance and the Board is confident in
delivering FY26 Adjusted PBT in the range of £18m to £25m."
"The team remained focused on executing our strategic priorities in the first
half. Our addressable market has rapidly expanded to over 50m passengers, with
significant headroom for further growth. We have continued to invest in
scalable technology, build brand loyalty and increase our share of the market.
We have delivered significant growth in bookings across our expansion areas,
with City volumes, such as Krakow and Amsterdam, up 116% and the Republic of
Ireland delivered volume growth of 74%."
"On the Beach's commitment to helping people holiday better continues to
resonate with customers and this is underpinned by the Group's asset light,
cash generative model and proprietary technology platform, with no inventory
to fill. Experience tells us that consumers value their summer holiday
incredibly highly and I am confident that On the Beach is well placed to
satisfy this demand and deliver a solid Summer trading performance."
Analyst & investor webinar A webinar for sell-side analysts and investors
will be held today at 9.30am, the details of which can be obtained through FTI
Consulting via onthebeach@fticonsulting.com.
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
Harriet Jackson
Harleena Chana
About On the Beach
On the Beach Group plc is one of the UK's largest online package holiday
specialists. We offer choice, value, flexibility and financial protection,
powered by our proprietary technology platform.
With an asset-light, cash-generative model, we drive customer acquisition and
loyalty through scalable technology, automation and operational efficiency,
enabling us to grow profitably while helping more people holiday better and
more often.
Renowned for beach package holidays, we have leveraged our expertise,
technology and strong supplier relationships to broaden our addressable
market, expanding into city breaks and cruise holidays, and offering our full
range of holidays to customers in the Republic of Ireland.
Chief Executive's Review
Summary
Following another record year in FY25, momentum was building during the early
part of 2026, with booked volumes +10% for the period 1 October 25 to 28
February 26.
The Company experienced its highest ever volume trading day for the first time
in its history in February '26, reflecting a more pronounced later booking
profile, with significant growth of +23% in bookings with less than 90 days
lead time.
The continued shortening of lead times this financial year meant that the
growth in the first half was predominantly for lower ABV, shorter duration and
lower revenue margin Winter 26 bookings, which were up 20%.
As highlighted in the AGM trading update on 12 March, OTB experienced a
significant slowdown in demand following the onset of the conflict in the
Middle East on 1 March and as a result, closed H1 with bookings growth of +7%.
As well as creating a volume headwind, the change in mix arising from the
conflict has also impacted margin as higher value, higher margin, longer lead
time summer bookings, particularly to eastbound destinations, have been
deferred as customers adopt a 'wait and see' approach, which further
exacerbates this year's later booking profile.
In addition to the direct financial impact of the conflict in the Middle East,
there has been ongoing operational disruption, including a rolling programme
of cancellations to the UAE, a significant increase in contact from customers
travelling to regions either involved, or with the potential to be involved in
the conflict, and a higher than normal level of flight schedule changes.
Market review
Our addressable market is large and rapidly expanding with significant
headroom for further growth. Customers are booking even closer to departure,
however our travelled volumes remain in double digit % growth. The conflict in
the Middle East is a challenge for the sector, however the travel industry has
a track record of resilience evidenced by long term structural growth. Our
enhanced strategy is succeeding in scaling the business, building loyalty and
taking share.
Competitive positioning
As the Group has demonstrated in prior years, OTB's low cost and flexible
operating model provides a degree of insulation from external shocks, enabling
the Group to react quickly to changes in the nature and timing of holiday
booking demand.
Being asset light, OTB is independent of airlines and hotels, which means that
we have more capacity and flexibility than any standalone tour operator,
airline or hotel chain and can pivot or expand quickly dependent on demand and
opportunity.
ATOL data from the latest CAA renewal cycle in March 2026 reports a 3%
increase in total licensed forecast passenger volumes across the market, with
operator submissions timed before the outbreak of the conflict in the Middle
East.
With H1 booked volumes +7%, including the impact from the conflict in March,
On the Beach continues to grow significantly ahead of the overall package
holiday market.
Strategic progress
We have made strong progress in H1 FY26 across 1) Stickiness, 2) Choice, 3)
Scale and Automation, with 4) Peace of Mind ever-present and spanning the
first three pillars.
Stickiness
The investments made in the Group's app functionality have resonated strongly
with customers, resulting in a 29% increase in Monthly Active Users. Bookings
made directly through the app during the period now represent 38% of total
bookings. Loyalty towards OTB continues to grow with in year repeat bookings
up 24% and 2 year repeat rates up 17% in the period.
Choice
The Group has significantly grown bookings across all strategic expansion
areas with rapid expansion into City packages since launch in Q4 2024,
increasing booking volumes by 116%. International expansion through the sale
of package holidays from the Republic of Ireland is progressing to plan and is
also experiencing significant growth of +74%. The Group recently launched its
test and learn Cruise offer early in FY26 and is well positioned to take share
in this large, resilient, high growth market.
Scale and automation
We remain focused on developing an asset light business model that is simple
and scalable. Simplification has resulted in the development of a single
technology platform powering all products and markets. The B2B exit is
complete, we are focussed on B2C and online only. Mobile-first investment is
enabling self-service; customers can manage their bookings end-to-end via our
app.
Technology investment is also enabling many manual operational processes to be
automated and business activities consolidated. Four years of structural
transformation have resulted in us reducing manual intervention by over 70%.
We recently eliminated the requirement to manually fulfil c.130,000 bookings
per year, which represents a significant improvement to the customer's
experience. 98% of bookings are now automated (vs 60% in FY22). Change has
been achieved without impacting the bookings conversion rate, which is +24%.
In terms of scalability, the platform can now serve 80bn deals, with
exponential inventory growth without the proportional additional operational
cost. Growth in volumes in new strategic expansion areas, including Cities and
Republic of Ireland is further evidence of the return on investment in
technology.
The Group's AI strategy continues to progress well, through integrations that
connect its inventory to major AI platforms. On 24 March OTB's app was
launched on ChatGPT. As first mover in the UK package space, this opens a new
acquisition channel and further demonstrates tech readiness for Large Language
Model ('LLM') distribution in an AI first world. An integration with
Anthropic, the US AI company, is currently in progress and we are planning
integrations with further LLMs in H2.
LLM optimisation share of voice (i.e. when On the Beach is mentioned in an
answer that an LLM provides) was 15% in FY26 Q2, with OTB ranking 3rd in
AI-driven holiday discovery in the UK package holiday space and over-indexing
relative to its bookings volume market share.
AI adoption is scaling across the organisation. Our chatbot is currently
resolving booking, flight, transfer & payment queries. Agentic AI is
deployed across engineering, supply, operations and customer service,
improving productivity, quality, reducing time to market and risk exposure.
Our objective is to build an AI powered fully automated booking ecosystem, to
simplify our operation, strengthen the customer experience and help us scale
even more efficiently.
People
As part of our wider multi-year transformation programme, we have recently
concluded a collective consultation process. This follows the continued
investment in technology and automation, which has enabled the simplification
of business processes and is delivering associated operating efficiencies
across the organisation.
Throughout this period, we have remained focused on supporting our colleagues
during the process and recognising the important contribution our people
continue to make to the strategic progress of the business. While our
technology investments are redesigning the way we work and enabling new levels
of efficiency and capability, it is the mindset, adaptability and commitment
of our people that are making this transformation possible.
Current trading and outlook
Whilst there remains a significant level of external volatility, OTB continues
to trade profitably and is cash generative.
Although demand remains more subdued as a result of the direct impact of the
conflict in the Middle East and the indirect 2(nd) order effects (e.g. impact
on consumer confidence, destination mix and media coverage of potential
disruption over summer), booking activity has stabilised to a more consistent
trading pattern since the half year. Booking volumes over the last 6 weeks
have been +9% as we approach the key Summer departure months.
Despite the current geopolitical uncertainty and a challenging consumer
environment, the Board is reinstating FY guidance and is confident in
delivering Adjusted PBT in the range of £18m-25m. The significant strategic
progress made during the period further underpins OTB's prospects for the
medium term.
Financial Performance
H1 2026 H1 2025 vs
Bookings '000s 324.2 303.6 7%
Booked TTV £m 626.2 611.7 2%
Group performance (unaudited) H1 2026 H1 2025 ((3)) H1 26 vs
restated H1 25
£m £m £m
Revenue ((1)) 52.2 59.4 (7.2)
Adjusted revenue((2)) 52.9 59.3 (6.4)
Adjusted gross profit((2)) 49.6 57.4 (7.8)
Online Marketing costs (12.1) (16.3) 4.2
Offline Marketing costs (9.5) (9.8) 0.3
Adjusted gross profit after marketing costs((2)) 28.0 31.3 (3.3)
Overheads (21.6) (18.5) (3.1)
Depreciation and amortisation (4.7) (6.5) 1.8
Adjusted operating profit((2)) 1.7 6.3 (4.6)
Exceptional items (2.6) (0.9) (1.7)
Share based payments (1.8) (1.9) 0.1
Amortisation of acquired intangibles (1.1) (1.1) -
Operating profit (3.8) 2.4 (6.2)
Adjusted EBITDA((2)) 6.4 12.8 (6.4)
Adjusted EBITDA % 12.1% 21.6%
(1) Revenue H1 26 is stated inclusive of exceptional cancellations for
the period ended 31 March 2026, due to the conflict in the Middle East
(2) See glossary for reconciliation to nearest GAAP measure.
(3) The prior period is restated for the effect of operations that were
discontinued in the prior financial year.
Revenue
Record H1 26 performance with H1 bookings growth of +7%, with particularly
strong growth in Cities (+116%) and Ireland (+74%). This was achieved despite
the Middle East conflict materially suppressing demand from 1 March.
As seen across the market we are experiencing strong demand for short lead
time bookings, with 23% growth in bookings with less than a 90 day lead time.
The mix shift towards Cities, shorter lead time bookings, and customer
switching from UAE & Eastern Mediterranean into Western Mediterranean has
driven a 4% decline in ABV.
Adjusted revenue was £52.9m, a decrease of £6.4m reflecting lower ABV given
the structurally later booking profile which is continuing to build as
customers book higher value summer holidays closer to departure.
Statutory revenue reduced by £7.2m to £52.2m and includes £0.7m of
exceptional cancellations arising from the Middle East conflict, treated as a
non-GAAP adjusting item.
Gross profit after marketing costs
The change in mix noted above has also resulted in a lower margin per booking
in H1. Alongside this we have continued to invest into price given the
challenging operating environment.
Investment in our app and brand campaign continues to deliver: 38% of bookings
are now made via the app, and only 20% of bookings are sourced via non-brand
paid channels. As a result, Marketing costs as a % of revenue have continued
to reduce, down to 41% from 44% in the prior year, a £4.5m reduction YOY.
Overheads
Overheads increased £3.1m to £21.6m, driven by annualisation of FY25
investments in technology. Following this investment period, we have been able
to automate and streamline significant business processes; as a result we
entered into consultation with a number of customer-facing and operational
colleagues in H1, reducing headcount by 108 and delivering an annualised
saving of c.£4m.
The reduction in depreciation and amortisation charge in H1 of £4.7m (H1 25:
£6.5m) is due to the change in amortisation policy in H2 in the prior year
which saw the useful economic life extended from three years to five years to
more accurately reflect the nature of spend.
Exceptional items
Exceptional items total £2.6m in H1 26 (H1 25: £0.9m). This comprises £0.7m
of booking cancellations arising from the Middle East conflict; and £1.9m of
other costs (H1 25: £1.0m), of which £1.5m relates to the restructuring
programme, with the balance representing legal and professional fees and share
repurchase costs. Exceptional recoveries of £0.1m in H1 25 related to refunds
from airlines for cancelled flights from previous periods.
Financing
During FY25 the Group completed a refinancing with Lloyds, NatWest and HSBC,
entering a revised four-year credit facility of £120m with an accordion of
£30m, expiring September 2029.
The cash drawdown on this facility as at 31 March 2026 was £27m (31 March
2025: £40m).
Taxation
The Group tax credit of £0.7m (H1 25: £0.7m charge) represents an effective
rate of 25.7% (H1 25: 24%) which is more than (H1 25: less than) the standard
UK tax rate of 25%.
During the period, a Corporation tax payment of £3.1m was made (H1 25:
£2.8m).
Cashflow
£m H1 26 H1 25 FY25
Restated
(Loss)/Profit before tax from continuing operations (3.2) 4.5 27.9
Profit/(Loss) before tax from discontinued operations 0.3 (0.8) (16.0)
Depreciation and amortisation 5.8 8.0 13.1
Net finance income (0.7) (2.2) (5.2)
Profit on disposal of property, plant & equipment - (0.7) (0.6)
Loss on disposal of intangible assets - - 0.1
Loss on discontinued operations - - 8.4
Share based payments 2.0 2.0 3.8
Movement in working capital (81.6) (104.1) 7.9
Corporation tax paid (3.1) (2.8) (4.1)
Net cash (outflow) / inflow from operating activities (80.5) (96.1) 35.3
Other cash flows
Proceeds from disposal of assets - 2.6 2.6
Purchase of property, plant & equipment - (0.1) -
Capitalised development expenditure (5.3) (5.2) (10.4)
Net finance income 0.7 2.3 5.2
Payment of lease liabilities (0.8) (0.9) (1.4)
Equity dividends paid (4.2) (3.3) (4.9)
Purchase of own shares (29.1) (25.0) (30.9)
RCF drawdown and overdraft utilisation 27.5 40.0 -
Total net cash flows (91.7) (85.7) (4.5)
Opening cash balance 91.7 96.2 96.2
Closing cash at bank - 10.5 91.7
Closing trust balance 209.9 224.2 142.9
Operating cash outflows improved by £15.6m on the prior year to £80.5m (H1
25: £96.1m outflow). The primary driver is a reduction in working capital
outflow, as the shift towards shorter lead time bookings means a greater
proportion of customers are paying in full at the point of booking rather than
via instalments. This reduces the cash the Group is holding on behalf of
future travellers, which is also reflected in the closing trust balance of
£209.9m, £14.3m lower than the prior year comparative of £224.2m.
OTB remains well positioned to manage any ongoing volatility given a strong
balance sheet and an asset light, profitable, cash generative operating model,
with £88m of headroom and £209.9m in customer trust. Strong capital
discipline has been maintained over the period; net debt has decreased by
£2.0m year on year to £27.5m, while continuing to return capital to
shareholders with c.£33m capital committed to buying shares and paying
dividends in the period.
Dividend
In view of the geopolitical situation and the impact on profitability for H1,
the Board has declared an interim dividend of 1.0p per share, consistent with
the prior year. The dividend will be paid on 26 June 2026 to shareholders on
the register as at 29 May 2026. The shares will be quoted ex-dividend on 28
May 2026. The full year payout is expected to be 25% of FY26 profit after tax,
in line with the Group's capital allocation policy, and therefore based on
updated guidance the total dividend is expected to be lower than the prior
year.
Shaun Morton
CEO
12 May 2026
PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of potential risks and uncertainties which could have a
material impact on the Group's performance over the remainder of
the financial year and may cause actual results to differ materially from
expectations.
The Board continues to monitor all principal risks, which remain broadly
consistent with the 2025 Annual Report. Key areas include demand volatility,
reputational risk, regulatory change and enforcement, and operational
scalability. Recent geopolitical developments in the Middle East have also
introduced significant uncertainty across the travel industry.
High-profile cyber incidents across the UK retail sector remain
a concern and cyber security and resilience continues to be a key area of
focus.
Save for the matters outlined above, the directors confirm there have been no
material changes to the Group's principal risks and uncertainties since the
publication of the 2025 Annual Report. Further detail can be found on pages
52 to 58 of the report, available at www.onthebeachgroupplc.com
(http://www.onthebeachgroupplc.com) .
On the Beach Group Plc
INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 MARCH 2026
CONDENSED CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 31 March 2026
Restated
(note 2.6)*
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
Note £'m £'m £'m
unaudited unaudited audited
Revenue 3,4 52.2 59.4 121.4
Expected credit losses 12 (3.3) (1.9) (2.5)
Gross profit 48.9 57.5 118.9
Administrative expenses 5 (52.7) (55.1) (96.0)
Group operating (loss)/profit 4 (3.8) 2.4 22.9
Finance costs (1.5) (0.8) (2.6)
Finance income 2.1 2.9 7.6
Net finance income 0.6 2.1 5.0
(Loss)/Profit before taxation (3.2) 4.5 27.9
Taxation 6 0.7 (0.7) (3.3)
(Loss)/profit for the period from continuing operations (2.5) 3.8 24.6
Profit/(loss) from discontinued operations 7 0.3 (0.8) (16.0)
(Loss)/profit for the period (2.2) 3.0 8.6
Other comprehensive income:
Net gain/(loss) on fair value hedges 1.0 1.2 0.4
Total comprehensive (loss)/income for the period (1.2) 4.2 9.0
Attributable to equity holders of the parent
(Loss)/profit for the period from continuing operations (2.5) 3.8 24.6
Profit/(loss) from discontinued operations 0.3 (0.8) (16.0)
Other comprehensive income 1.0 1.2 0.4
Total comprehensive (loss)/income for the period (1.2) 4.2 9.0
Basic and diluted earnings per share from continuing operations attributable
to the equity shareholders of the Company:
Basic earnings per share 8 (1.7p) 2.3p 15.6p
Diluted earnings per share 8 (1.7p) 2.3p 15.1p
Adjusted basic earnings per share ** 8 1.2p 4.1p 19.0p
Adjusted diluted earnings per share ** 8 1.1p 4.0p 18.3p
Basic and diluted earnings per share from total operations attributable to the
equity shareholders of the Company:
Basic earnings per share 8 (1.5p) 1.8p 5.5p
Diluted earnings per share 8 (1.5p) 1.8p 5.3p
Adjusted profit measure **
Adjusted profit before tax (before amortisation of acquired intangibles, 5 2.3 8.4 35.0
exceptional items and share based payments) **
* The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
** This is a non GAAP measure, refer to notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2026
Restated
(note 2.6)
At 31 March 2026 At 31 March 2025 At 30 September 2025
£'m £'m £'m
Assets Note unaudited unaudited audited
Non-current assets
Intangible assets 9 57.0 64.4 56.7
Property, plant and equipment 10 2.9 2.7 2.6
Deferred tax 11 0.1 - 0.3
Trust account 14 0.3 0.4 0.5
Total non-current assets 60.3 67.5 60.1
Current assets
Trade and other receivables 12 336.4 357.1 204.5
Derivative financial instruments 15 1.2 - 3.4
Trust account 14 209.6 223.8 142.4
Corporation tax receivable 3.4 1.1 -
Cash at bank - 10.5 91.7
Total current assets 550.6 592.5 442.0
Total assets 610.9 660.0 502.1
Equity
Share capital 1.5 1.6 1.6
Share premium 89.6 89.6 89.6
Retained earnings 172.5 197.8 201.9
Capital contribution reserve 0.7 0.6 0.6
Merger reserve (129.5) (129.5) (129.5)
Treasury shares (8.2) - (7.4)
Total equity 126.6 160.1 156.8
Non-current liabilities
Loans and overdrafts 15 27.5 40.0 -
Trade and other payables 13 2.1 1.4 1.0
Deferred tax 11 - 0.3 -
Total non-current liabilities 29.6 41.7 1.0
Current liabilities
Corporation tax payable - - 0.4
Trade and other payables 13 451.7 455.5 340.8
Provisions 13 2.2 0.7 2.2
Derivative financial instruments 15 0.8 2.0 0.9
Total current liabilities 454.7 458.2 344.3
Total liabilities 484.3 499.9 345.3
Total equity and liabilities 610.9 660.0 502.1
Shaun Morton
Chief Executive Officer
12 May 2026
On the Beach Group plc. Reg no 09736592
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 31 March 2026
Restated
(note 2.6)
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
Note £'m £'m £'m
Profit/(Loss) before taxation
From continuing operations (3.2) 4.5 27.9
From discontinued operations 0.3 (0.8) (16.0)
Adjustments for:
Depreciation 10 0.8 1.0 1.7
Amortisation of intangible assets 9 5.0 7.0 11.4
Finance costs 1.5 0.8 2.6
Finance income (2.2) (3.0) (7.8)
Share-based payments 2.0 2.0 3.8
Loss on goodwill for discontinued operations 7 - - 8.4
Loss on disposal of intangible assets 9 - - 0.1
Profit on disposal of plant, property and equipment - (0.7) (0.6)
Impact of unrealised foreign exchange differences - - (0.5)
4.2 10.8 31.0
Changes in working capital:
Increase in trade and other receivables 12 (128.5) (168.7) (19.5)
Increase in trade and other payables 13 113.9 149.2 30.8
Increase in trust account (67.0) (84.6) (3.4)
(81.6) (104.1) 7.9
Cash flows from operating activities
Cash generated from operating activities (77.4) (93.3) 38.9
Tax paid (3.1) (2.8) (4.1)
Net cash (outflow)/inflow from operating activities (80.5) (96.1) 34.8
Cash flows from investing activities
Purchase of property, plant and equipment 10 - (0.1) -
Proceeds from disposal of assets - 2.6 2.6
Development expenditure 9 (5.3) (5.2) (10.4)
Interest received 2.2 3.0 7.8
Net cash (outflow)/inflow from investing activities (3.1) 0.3 -
Cash flows from financing activities
Proceeds from borrowings 15 27.5 40.0 -
Equity dividends paid (4.2) (3.3) (4.9)
Interest paid on borrowings (1.5) (0.7) (2.6)
Payment of lease liabilities (0.8) (0.9) (1.4)
Purchase of own shares (29.1) (25.0) (30.9)
Net cash (outflow)/inflow from financing activities (8.1) 10.1 (39.8)
Impact of unrealised foreign exchange gains - - 0.5
Net (decrease)/increase in cash at bank and in hand (91.7) (85.7) (5.0)
Cash at bank and in hand at beginning of period 91.7 96.2 96.2
Cash at bank and in hand at end of period - 10.5 91.7
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 31 March 2026
Share capital Share premium Treasury shares Merger reserve Capital contribution reserve Retained earnings Total
For the 6 months ended 31 March 2026 £'m £'m £'m £'m £'m £'m £'m
Balance at 30 September 2025 1.6 89.6 (7.4) (129.5) 0.6 201.9 156.8
Share based payment charges including tax - - - - - 2.2 2.2
Dividends - - - - - (4.2) (4.2)
Buyback of shares - - (22.0) - - - (22.0)
Cancellation of treasury shares (0.1) - 25.0 - 0.1 (25.0) -
Purchase of shares by the Employee Benefit Trust - - (5.0) - - - (5.0)
Issue of own shares by Employee Benefit Trust in respect of share awards - - 1.2 - - (1.2) -
Other comprehensive income for the period - - - - - (1.2) (1.2)
Balance at 31 March 2026 (unaudited) 1.5 89.6 (8.2) (129.5) 0.7 172.5 126.6
Share capital Share premium Treasury shares Merger reserve Capital contribution reserve Retained earnings Total
For the 6 months ended 31 March 2025 £'m £'m £'m £'m £'m £'m £'m
Balance at 30 September 2024 1.7 89.6 - (129.5) 0.5 220.2 182.5
Share based payment charges including tax - - - - - 1.7 1.7
Dividends - - - - - (3.3) (3.3)
Buyback of shares - - (25.0) - - - (25.0)
Cancellation of treasury shares* (0.1) - 25.0 - 0.1 (25.0) -
Other comprehensive income for the period - - - - - 4.2 4.2
Balance at 31 March 2025 (unaudited) (restated)* 1.6 89.6 - (129.5) 0.6 197.8 160.1
Share capital Share premium Treasury shares Merger reserve Capital contribution reserve Retained earnings Total
For the year ended 30 September 2025 £'m £'m £'m £'m £'m £'m £'m
Balance at 30 September 2024 1.7 89.6 - (129.5) 0.5 220.2 182.5
Share based charge including tax - - - - - 3.2 3.2
Dividends - - - - - (4.9) (4.9)
Buyback of shares - - (28.0) - - - (28.0)
Purchase of shares by the Employee Benefit Trust - - (5.0) - - - (5.0)
Cancellation of treasury shares (0.1) - 25.0 - 0.1 (25.0) -
Issue of own shares by Employee Benefit Trust in respect of share awards - - 0.6 - - (0.6) -
Total comprehensive income for the year - - - - - 9.0 9.0
Balance at 30 September 2025 1.6 89.6 (7.4) (129.5) 0.6 201.9 156.8
* The period ended 31 March 2025 has been restated for the presentation of the
cancellation of treasury shares between share premium, retained earnings and
capital contribution accounts (see note 2.6).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the 6 months ended 31 March 2026
1 General Information
The interim condensed consolidated financial statements of On the Beach Group
plc and its subsidiaries (collectively, the Group) for the six months ended 31
March 2026 were authorised for issue in accordance with a resolution of the
directors on 12 May 2026.
On the Beach Group plc is a public limited company, incorporated and domiciled
in the United Kingdom, whose shares are listed on the London Stock Exchange.
The registered office is located at Aeroworks, 5 Adair Street, Manchester, M1
2NQ.
2 Basis of preparation and changes to the Group's accounting policies
2.1 Basis of preparation
The interim condensed consolidated financial statements for the six months
ended 31 March 2026 have been prepared in accordance with UK adopted IAS 34
Interim Financial Reporting. The interim condensed consolidated financial
statements do not constitute statutory financial statements as defined in
section 435 of the Companies Act 2006 and therefore do not include all the
information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group's annual financial statements as
at 30 September 2025. No audit or review opinion has been provided by a
statutory auditor on these interim statements.
The financial information for the preceding year is based on the statutory
financial statements for the year ended 30 September 2025. These financial
statements, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies. These financial statements did not
require a statement under either section 498(2) or section 498(3) of the
Companies Act 2006.
2.2 Accounting policies
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 30
September 2025.
2.3 Going concern
The Group covers its daily working capital requirements by means of cash and
Revolving Credit Facility ('RCF'). During the year ended 30 September 2025,
the Group completed a refinancing with Lloyds, NatWest and HSBC, entering a
revised four-year credit facility of £120m with an accordion of £30m,
expiring September 2029. At the point of refinancing there was nothing drawn
down. The RCF has financial covenants in place which are tested
semi-annually.
As at 31 March 2026 Group cash (excluding cash held in trust which is
ringfenced and not factored into the going concern assessment) was (£0.5m)
(31 March 2025: £10.5m, 30 September 2025: £91.7m). As at 31 March 2026, the
current value withdrawn from the RCF is £27.0m (31 March 2025: £40.0m, 30
September 2025: £nil)
Cash received from customers for bookings that have not yet travelled is held
in a ring-fenced trust account and is not withdrawn until the customer returns
from their holiday, or the booking is cancelled or refunded. All withdrawals
from the Trust account are approved by our Trustees and the Civil Aviation
Authority. Cash held in trust at 31 March 2026 was £209.9m (31 March 2025:
£224.2m, 30 September 2025:
£142.9m).
The Directors have assessed a going concern period through to 30 September
2027 and have modelled a number of scenarios considering factors such as
airline resilience, cost of living, inflation, interest rates and customer
behaviour/ demand. The Group has performed an assessment of the impact of
climate risk, as part of the Director's assessment of the Group's ability to
continue as a going concern. Detail of the Group's assessment of the impact of
climate risk is provided within the 'Here for the planet' section of the
Group's Annual Report for the year ended 30 September 2025.
The Directors have modelled a remote possibility scenario to sensitise the
base case as a stress test. In this scenario the Directors have assessed the
impact to cash and revenue in an environment where bookings are 99% lower than
the forecasted reduction for the remaining going concern period; although
profitability would be affected, the Group would be able to continue
operating.
The Directors have also considered the impact of the ongoing conflict in the
Middle East on the Group's operations and customer demand. Certain
destinations within the Group's portfolio - including Egypt and Turkey - have
historically been sensitive to regional geopolitical instability, and the
Directors have assessed the potential for a sustained reduction in customer
demand for affected destinations, alongside the risk of airline capacity
withdrawal or airspace restrictions. In modelling their scenarios, the
Directors have considered the potential for booking displacement to
alternative destinations, the Group's ability to flex supplier commitments,
and the protections afforded to customers through the trust account structure.
The Directors have concluded that, whilst the conflict in the Middle East
introduces uncertainty, the Group's diversified destination base and flexible
operating model provide sufficient mitigation such that this does not present
a material uncertainty over going concern.
In addition, the Directors have modelled sensitivity analysis on a reverse
stress test that models a substantial increase in bookings, to assess the
potential impact on working capital and bank facilities, as well as
considering the sensitivity to booking volumes. Although in this scenario
headroom would be affected, the Group would be able to continue operating.
Given the assumptions above, the mitigating actions available and within the
Group's control, the Directors remain confident that the Group can continue to
operate with sufficient resources for the foreseeable future. Therefore, it is
considered appropriate to continue to adopt the going concern basis in
preparing these financial statements.
2.4 Critical Accounting estimates and judgements
The Group's accounting policies have been set by management. The application
of these accounting policies to specific scenarios requires reasonable
estimates and assumptions to be made concerning the future. These are
continually evaluated based on historical experience and expectations of
future events. The resulting accounting estimates will, by definition, seldom
equal the related actual results. Under IFRS estimates or judgements are
considered critical where they involve a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities from
period to period. This may be because the estimate or judgement involves
matters which are highly uncertain or because different estimation methods or
assumptions could reasonably have been used.
Critical Accounting judgements
Capitalised website development costs
Determining the amounts to be capitalised involves judgement and is dependent
upon the nature of the related development; namely whether it is capital (as
relating to the enhancement of the website) or expenditure (as relating to the
ongoing maintenance of the website) in nature. In order to capitalise a
project, the key judgement management have made is in determining the
project's ability to produce future economic benefits. For the period ended 31
March 2026, the proportion of development costs that have been capitalised is
in line with prior year as the development team are focusing on key strategic
development objectives. Management have assessed each project to determine
whether the project is technically feasible, intended to be completed and
used, whether there is available resources to complete it and whether there is
probable economic benefits from each project.
Revenue from contracts with customers
The Group applied the following key judgements on the agent vs principal
status of each segment as well as the number of performance obligations in
each.
Performance obligations
Revenue for OTB and Classic Collection is recognised based on there being a
single performance obligation to at the point of booking. This is to arrange
and facilitate the customer entering into individual contracts with principal
suppliers providing holiday related services including flights, hotels and
transfers. For OTB and Classic Collection, there is not a significant
integration service and responsibility for providing the services remains with
the principal suppliers.
Agent vs Principal
Determining whether an entity is acting as a principal or as an agent requires
judgement and has a significant effect on the timing and amount (gross or net
basis) of revenue by the Group. As an agent, revenue is recognised at the
point of booking on a net basis. As a principal, revenue is recognised on a
gross basis over the duration of the holiday. In accordance with IFRS 15,
revenue for OTB and Classic Collection is recognised as an agent on the basis
that the performance obligation is to arrange for another entity to provide
the goods or services. This assessment has given consideration that there is
no inventory risk and limited discretion in establishing prices.
Discontinued operations
On 23 September 2025, the Board made the decision to abandon the Classic
Collection Holdings operation and to not attempt to sell the business.
Management determined that on abandonment of Classic Collection Holdings on 23
September 2025, the operation should be presented as a discontinued operation
following the closure of the Classic Collection website. By presenting Classic
Collection Holdings as a discontinued operation, Management believes that the
presentation of the Income Statement is more aligned to the ongoing and
anticipated recurring cash flows and revenue recognised by the business in the
restructured operating model.
Critical accounting estimates
Expected Credit Losses
The Group's estimation of credit risk relating to customer repayments of debt
is inherently uncertain and subject to a degree of judgement. The ECL
provision is calculated using one year's historical default rates which is
compared with forecasted revenue projections to calculate an expected
liability. One year is considered to be a suitable period to use for
estimation as this more accurately reflects current events when compared to
the period prior. These results are adjusted for the expected effect of cost
of living, as well as inflation. The calculation is updated at each reporting
date. The origination, measurement and release of material judgemental
adjustments are subject to further analysis and challenge through the Group's
accounting judgement review process before ultimately being presented to the
Group's Audit Committee. The Group uses a provision matrix to measure
expected credit losses based on historical cancellation and recovery rates and
considers forward-looking factors, including the impact of rising cost of
living and inflation rates. A 1% increase in non-payment would increase the
expected credit loss allowance by £0.1m.
Estimation uncertainty arises on the forecasted bookings, effects of the cost
of living and inflation adjustments. These estimations are subject to
challenge by the Board of Directors, as well as the Audit Committee to ensure
that they most accurately reflect the available information.
2.5 New standards, amendments and interpretations
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual consolidated financial statements for the
year ended 30 September 2025. The Group has not early adopted any other
standard, interpretation or amendment that has been issued but is not yet
effective.
A number of new standards and amendments to standards are effective for annual
periods beginning after 1 January 2025; the following amended standards have
been implemented, however, they have not had a significant impact on the
Group's consolidated financial statements:
• Amendments to IAS 21 - Lack of Exchangeability
Standards issued but not yet effective
Certain new financial reporting standards, amendments and interpretations have
been published that are not mandatory for the 30 September 2026 reporting
period, and have not been early adopted by the Group. The Group is currently
assessing the impact of the following standards, amendments and
interpretations:
• Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of
Financial Instruments
• Amendments to IFRS 9 and IFRS 7 - Contracts referencing Nature-dependent
Electricity
• Annual Improvements to IFRS Accounting Standards-Volume 11
• IFRS 18 - Presentation and Disclosure in Financial Statements
• IFRS 19 - Subsidiaries without Public Accountability: Disclosures
• Amendments to IAS 21 - Translation to a Hyperinflationary Presentation
Currency
2.6 Prior period restatement
These consolidated interim financial statements include a prior half year
period restatement in relation to the discontinuation of Classic Collection
Holdings Limited, which was effective from 23 September 2025. This has
impacted the income statement and statement of cash flows, please see note 7
for more details. This has had no impact on the statement of financial
position.
In addition, the presentation of treasury share cancellation has been restated
in the statement of financial position and statement of changes in equity for
the period ended 31 March 2025, this has resulted in share premium
increasing by £24.9m, retained earnings has decreased by £25.0m and capital
contribution has increased by £0.1m compared to the previously published
interim accounts.
3 Revenue
Set out below is the disaggregation of the Group's revenue from contracts with
customers:
6 months ended 31 March 2026 6 months ended 31 March 2025**** Year ended 30 September 2025
OTB OTB OTB
£'m £'m £'m
Booked TTV* 626.2 611.7 1,249.0
Total Revenue before exceptional items 52.9 59.3 121.4
Exceptional cancellations** (0.7) - -
Exceptional recoveries*** - 0.1 -
Total Revenue 52.2 59.4 121.4
*The total transaction value of holidays booked during the period, before
cancellations and amendments. See the glossary for the reconciliation to GAAP
measure.
**Exceptional cancellations for the period ended 31 March 2026 relate to
holidays cancelled due to the impact of the Middle East conflict
***Exceptional recoveries for the period ended 31 March 2025 relate to refunds
from airlines for cancelled flights during COVID-19. Previously, exceptional
cancellations related to these flights were provided for, which have now been
released.
**** The results for the period ended 31 March 2025 has been restated to
exclude the results of the discontinued operation included in that period
(note 7).
Details of receivables arising from contracts with customers are set out in
note 12.
4 Segmental reporting
a) Segmental report
The management team considers the reportable segment to be ''OTB''. All
segment revenue, operating profit assets and liabilities are attributable to
the Group from its principal activities. The "Classic Collection" segment was
abandoned in the prior year, and going forward there is only one reportable
segment. Please see note 7 for further details.
OTB recognises revenue as agent on a net basis.
The Group's Chief Operating Decision Maker ("CODM") is its Executive Board and
they monitor the performance of these operating segments as well as deciding
on the allocation of resources to them based on divisional level financial
reports. Segmental performance is monitored using adjusted segment operating
results.
In the year ending 30 September 2025, the Board made the decision to abandon
the Classic Collection operation and to not attempt to sell the business. See
note 7 for details of discontinued operations.
6 months ended 31 March 2026 6 months ended 31 March 2025*** Year ended 30 September 2025
OTB OTB OTB
£'m £'m £'m
Revenue 52.2 59.4 121.4
Exceptional cancellations* 0.7 - -
Exceptional recoveries** - (0.1) -
Adjusted Revenue 52.9 59.3 121.4
Expected credit losses (3.3) (1.9) (2.5)
Adjusted gross profit 49.6 57.4 118.9
Marketing (20.4) (24.9) (38.4)
Staff costs (10.9) (11.4) (21.7)
Other administrative expenses (11.9) (8.3) (18.5)
Adjusted EBITDA 6.4 12.8 40.3
Share based payment charge (1.8) (1.9) (3.6)
Exceptional items (2.6) (0.9) (1.3)
EBITDA 2.0 10.0 35.4
Depreciation and amortisation (5.8) (7.6) (12.5)
Group operating (loss)/profit (3.8) 2.4 22.9
Finance costs (1.5) (0.8) (2.6)
Finance income 2.1 2.9 7.6
(Loss)/profit before taxation (3.2) 4.5 27.9
Non-current assets
Goodwill 31.6 31.6 31.6
Other intangible assets 25.4 23.8 25.1
Property, plant and equipment 2.9 2.7 2.6
*Exceptional cancellations for the period ended 31 March 2026 relate to
holidays cancelled due to the impact of the Middle East conflict
**Exceptional recoveries relate to refunds from airlines for cancelled flights
during COVID-19. Previously, exceptional cancellations related to these
flights were provided for against, which have now been released.
*** The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
b) Geographic Information
The Group operates primarily in two geographic locations. The following table
presents revenues from external customers and non-current assets by geographic
location:
Revenues from External Customers 6 months ended 31 March 2026 6 months ended 31 March 2025*** Year ended 30 September 2025
United Kingdom (country of domicile) 51.1 58.8 120.3
Republic of Ireland 1.1 0.6 1.1
Total 52.2 59.4 121.4
Non-current assets 6 months ended 31 March 2026 6 months ended 31 March 2025*** Year ended 30 September 2025
United Kingdom (country of domicile) 59.9 58.1 59.3
Republic of Ireland - - -
Total 59.9 58.1 59.3
5 Operating profit
a) Operating expenses
Expenses by nature including exceptional items and impairment charges:
Restated*
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£'m £'m £'m
Marketing 20.4 24.9 38.4
Depreciation 0.8 0.9 1.7
Staff costs (including share based payments) 12.7 13.3 25.3
IT hosting, licences & support 4.9 3.4 6.9
Office expenses 0.4 0.4 0.7
Credit / debit card charges 2.6 2.2 6.4
Insurance 1.1 0.9 2.3
Professional Services 0.6 0.3 0.7
Other 2.3 1.3 1.3
Administrative expenses before exceptional items & amortisation of 45.8 47.6 83.7
intangible assets
Exceptional items 1.9 0.8 1.3
Amortisation of intangible assets 5.0 6.7 11.0
Exceptional items and amortisation of intangible assets 6.9 7.5 12.3
Administrative expenses 52.7 55.1 96.0
* The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
b) Exceptional items
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£'m £'m £'m
Revenue 0.7 (0.1) -
Administrative expenses 1.9 1.0 1.3
Total exceptional items 2.6 0.9 1.3
Total exceptional items in the 6 months ended 31 March 2026 of £2.6m,
consists of exceptional cancellations of £0.7m due to the Middle East
conflict and exceptional operating costs of £1.9m. Exceptional operating
costs include £0.2m legal and professional fees relating to ongoing
litigation during the period, £1.0m of provision for restructuring costs,
£0.5m of redundancy and employee related costs incurred and £0.2m of
commission and stamp duty arising on the repurchase of shares (see note 17 for
further details).
Total exceptional items in the 6 months ended 31 March 2025 of £0.9m,
consists of exceptional income of £0.1m for refunds received from airlines
that had previously been provided for and exceptional operating costs of
£1.0m. Exceptional operating costs include £0.2m legal and professional fees
relating to litigation during the period, £0.6m of restructuring costs and
£0.2m of commission and stamp duty arising on the repurchase of shares (see
note 17 for further details).
Exceptional items in the year ended 30 September 2025 of £1.3m represents
£0.3m of non trade legal and professional fees relating to litigation, £0.7m
of restructuring costs and £0.3m of fees for commission and stamp duty
arising on the repurchase of shares, which derive from events or transactions
that fall outside of the normal activities of the Group.
c) Adjusted profit before tax
Management measures the overall performance of the Group by reference to
Adjusted profit before tax, a non-GAAP measure as it gives a meaningful year
on year comparison of the Group's performance:
Restated*
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£'m £'m £'m
Profit before taxation (3.2) 4.5 27.9
Exceptional income 0.7 (0.1) -
Other exceptional operating costs 1.9 1.0 1.3
Amortisation of acquired intangibles** 1.1 1.1 2.2
Share based payments charge*** 1.8 1.9 3.6
Adjusted profit before tax 2.3 8.4 35.0
* The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
**These charges relate to amortisation of brand, website technology and
customer relationships recognised on the acquisition of subsidiaries and are
added back as they are inherently linked to historical acquisitions of
businesses.
***The share based payment charge represents the expected cost of shares
vesting under the Group's Long Term Incentive Plan. The share based payment
charge has decreased to £1.8m ( 31 March 2025: £1.9m, 30 September 2025:
£3.6m).
6 Taxation
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£m £m £m
Current tax on profit for the period (0.7) 0.8 3.7
Adjustments in respect of prior period - - -
Total current tax (0.7) 0.8 3.7
Deferred tax on losses for the period
Origination and reversal of temporary differences - (0.1) (0.2)
Adjustments in respect of prior period - - (0.2)
Total deferred tax - (0.1) (0.4)
Total tax (credit)/charge (0.7) 0.7 3.3
The differences between the total taxation shown above and the amount
calculated by applying the standard UK corporation taxation rate to the profit
before taxation on continuing operating are as follows.
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£m £m £m
Profit on ordinary activities before tax (3.2) 4.5 27.9
Profit on ordinary activities multiplied by the rate of corporation tax in the (0.8) 1.1 7.0
UK of 25% (31 March 2025: 25%, 30 September 25: 25%)
Effects of:
Impact of difference in effective rate and standard rate of corporation tax - 0.2 -
Adjustments in respect of prior years - - (0.2)
Expenses not deductible - (0.3) 0.5
Losses surrendered/(utilised) to discontinued operations 0.1 (0.3) (4.0)
Total tax (credit)/charge (0.7) 0.7 3.3
The effective rate of tax of 25.7% has been calculated using the full year
projections and has been applied to continuing operations profit before
exceptional items for the period ended 31 March 2026. The standard rate of
corporation tax of 25% (31 March 2025: 25%, 30 September 2025: 25%) for the
full year has been applied to the exceptional items and discontinued
operations in the period ended 31 March 2026.
7 Discontinued operations
On 23 September 2025, the Board made the decision to abandon the Classic
Collection Holdings operation and to not attempt to sell the business.
Management determined that on abandonment of Classic Collection Holdings on 23
September 2025, the operation should be presented as a discontinued operation
due to the abandonment of the Classic Collection Holdings operation following
the closure of the Classic Collection website. By presenting Classic
Collection Holdings as a discontinued operation, Management believes that the
presentation of the Income Statement is more aligned to the ongoing and
anticipated recurring cash flows and revenue recognised by the business in the
restructured operating model.
The following factors were considered to classify the operation as
discontinued:
· Classic Collection Holdings operation represented a separate
major line of business and the operation was distinct by offering holiday
packages as an agent on a B2B basis.
· The abandonment was part of a single plan to cease the operations
of a separate major line of business.
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£'m £'m £'m
Loss for the year from discontinued operations
Revenue 0.1 5.2 6.2
Cost of sales 0.2 (3.6) (4.9)
Gross profit 0.3 1.6 1.3
Administrative expenses (0.1) (3.1) (9.7)
Profit on disposal of assets held for sale - 0.6 0.6
Write off of goodwill and intangibles - - (8.4)
Net finance income 0.1 0.1 0.2
Profit/loss before tax 0.3 (0.8) (16.0)
Tax - - -
Profit/(loss) from discontinued operations 0.3 (0.8) (16.0)
Earnings per share
Basic EPS 0.2p (0.5p) (10.2p)
Diluted EPS 0.2p (0.5p) (9.8p)
Cash flows from discontinued operations
Net cash flows from operating activities (2.9) (4.1) (7.2)
Net cash flows from investing activities 0.1 2.7 2.8
Net cash flows from discontinued operations (2.8) (1.4) (4.4)
No impact on cash flows from financing activities.
Disposal of discontinued operations
For the year ending 30 September 2025, the Group disposed of intangible assets
with a £0.1m net book value and did not receive proceeds for these, disposal
of tangible assets resulted in a gain on sale of £0.6m.
8 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to
equity holders of On the Beach Group plc by the weighted average number of
ordinary shares issued during the year. For the period ended 31 March 2026,
there was no difference in the weighted average number of shares used for the
calculation of basic and diluted loss per share of total and continuing
operations as the effect of all potentially dilutive shares outstanding was
anti-dilutive.
Restated*
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
Basic EPS for continuing operations
Profit after tax for the period (£'m) (2.5) 3.8 24.6
Basic weighted average number of Ordinary Shares (m) 143.8 163.8 157.3
Earnings per share (in pence per share) (1.7p) 2.3p 15.6p
Basic EPS for total operations
Profit after tax for the period (£'m) (2.2) 3.0 8.6
Basic weighted average number of Ordinary Shares (m) 143.8 163.8 157.3
Earnings per share (in pence per share) (1.5p) 1.8p 5.5p
Diluted EPS for continuing operations
Profit after tax for the period (£'m) (2.5) 3.8 24.6
Weighted average number of Ordinary Shares (m) 143.8 168.6 163.3
Earnings per share (in pence per share) (1.7p) 2.3p 15.1p
Diluted EPS for total operations
Profit after tax for the period (£'m) (2.2) 3.0 8.6
Weighted average number of Ordinary Shares (m) 143.8 168.6 163.3
Earnings per share (in pence per share) (1.5p) 1.8p 5.3p
* The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
Adjusted earnings per share figures are calculated by dividing adjusted
earnings after tax for the year by the weighted average number of shares:
Restated*
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
Adjusted basic earnings per share
Adjusted earnings after tax (£'m) 1.7 6.8 29.9
Weighted average number of Ordinary Shares (m) 143.8 163.8 157.3
Earnings per share (in pence per share) 1.2p 4.1p 19.0p
Adjusted diluted earnings per share
Adjusted earnings after tax (£'m) 1.7 6.8 29.9
Weighted average number of Ordinary Shares (m) 151.3 168.6 163.3
Earnings per share (in pence per share) 1.1p 4.0p 18.3p
* The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
Adjusted earnings after tax is calculated using the tax rate of 25% (31 March
25: 25%, 30 September 25: 25%) on the basis that this is the Group's effective
tax rate:
Restated*
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
£'m £'m £'m
(Loss)/profit for the year after taxation (2.5) 3.8 24.6
Adjustments net of tax of 25% (31 March 2025: 25%, 30 September 2025: 25%)
Exceptional recoveries 0.5 (0.1) -
Other exceptional costs 1.5 0.8 1.0
Amortisation of acquired intangibles 0.8 0.8 1.6
Share based payment charges** 1.4 1.5 2.7
Adjusted earnings after tax 1.7 6.8 29.9
* The period ended 31 March 2025 is restated for the effects of the
discontinued operations (see note 7).
** The share based payment charges are in relation to options which are not
yet exercisable.
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
unaudited unaudited audited
(m) (m) (m)
Weighted average number of shares for basic earnings per share 143.8 163.8 157.3
Dilution from share options 7.5 4.8 6.0
Weighted average number of shares for adjusted diluted earnings per share 151.3 168.6 163.3
9 Intangible assets
Brand Goodwill Website & development costs Website technology Customer relationships Agent relationships Total
£'m £'m £'m £'m £'m £'m £'m
Cost
At 1 October 2025 31.3 31.6 62.2 22.8 - - 147.9
Additions - - 5.3 - - - 5.3
Disposals - - (0.4) - - - (0.4)
At 31 March 2026 31.3 31.6 67.1 22.8 - - 152.8
Accumulated amortisation
At 1 October 2025 24.9 - 43.5 22.8 - - 91.2
Charge for the year 1.1 - 3.9 - - - 5.0
Disposals - - (0.4) - - - (0.4)
At 31 March 2026 26.0 - 47.0 22.8 - - 95.8
Net book amount
At 31 March 2026 (unaudited) 5.3 31.6 20.1 - - - 57.0
Brand Goodwill Website & development Costs Website technology Customer relationships Agent relationships Total
£'m £'m £'m £'m £'m £'m £'m
Cost
At 1 October 2024 35.9 35.6 52.6 22.8 2.1 4.4 153.4
Additions - - 5.2 - - - 5.2
At 31 March 2025 35.9 35.6 57.8 22.8 2.1 4.4 158.6
Accumulated amortisation
At 1 October 2024 24.9 - 35.5 22.8 2.1 1.9 87.2
Charge for the year 1.3 - 5.6 - - 0.1 7.0
At 31 March 2025 26.2 - 41.1 22.8 2.1 2.0 94.2
Net book amount
At 31 March 2025 (unaudited) 9.7 35.6 16.7 - - 2.4 64.4
Brand Goodwill Website & development Costs Website technology Customer relationships Agent relationships Total
£'m £'m £'m £'m £'m £'m £'m
Cost
At 1 October 2024 35.9 35.6 52.6 22.8 2.1 4.4 153.4
Additions - - 10.4 - - - 10.4
Disposals - - (0.8) - - - (0.8)
Write off (note 7) (4.6) (4.0) - - (2.1) (4.4) (15.1)
At 30 September 2025 31.3 31.6 62.2 22.8 - - 147.9
Accumulated amortisation
At 1 October 2024 24.9 - 35.5 22.8 2.1 1.9 87.2
Charge for the year 2.4 - 8.7 - - 0.3 11.4
Disposals - - (0.7) - - - (0.7)
Write off (note 7) (2.4) - - - (2.1) (2.2) (6.7)
At 30 September 2025 24.9 - 43.5 22.8 - - 91.2
Net book amount
At 30 September 2025 (audited) 6.4 31.6 18.7 - - - 56.7
The Group capitalise development projects where they satisfy the requirements
for capitalisation in accordance with the accounting standard and expense
projects that relate to the operations and ongoing maintenance.
Brand
The brand intangibles assets consist of three brands which were separately
identified as intangibles on the acquisition of the respective businesses. The
carrying amount of the brand intangible assets:
Brand Remaining useful economic life Acquisition At 31 March 2026 At 31 March 2025 At 30 September 2025
unaudited unaudited audited
£'m £'m £'m
On the Beach 2.5 On the Beach Travel Limited 5.0 6.9 6.0
Sunshine.co.uk 2.5 Sunshine.co.uk Limited 0.3 0.4 0.4
Classic Collection - Classic Collection Limited - 2.4 -
5.3 9.7 6.4
Impairment of goodwill
On the Beach and Sunshine are considered to be one reportable segment, as they
are internally reported and managed as one entity. Goodwill acquired through
Sunshine.co.uk has been allocated to the "OTB" cash generating unit. The Group
performed an impairment test as at 31 March 2026 on the "OTB" cash generating
unit ("CGU"). The recoverable amount of the CGU has been determined based on
the value in use calculations using cash flow projections derived from
financial budgets and projections covering a five-year period. No impairment
charge has been recognised for the period ended 31 March 2026.
For the year ended 30 September 2025, the Group wrote off the goodwill and
intangibles for the discontinued operations of £8.4m due to the recoverable
amount for the CGU being estimated to be £nil due to the cessation of
operations.
10 Tangible assets
Right-of-use asset
Head office IT equipment Fixtures, fittings and equipment Total
Cost £'m £'m £'m £'m
At 1 October 2025 4.5 3.2 5.3 13.0
Additions - 1.1 - 1.1
At 31 March 2026 4.5 4.3 5.3 14.1
Accumulated Depreciation £'m £'m £'m £'m
At 1 October 2025 3.0 2.8 4.6 10.4
Charge for the Year 0.2 0.4 0.2 0.8
At 31 March 2026 3.2 3.2 4.8 11.2
Net book amount
At 31 March 2026 (unaudited) 1.3 1.1 0.5 2.9
Right-of-use asset
Head office IT equipment Fixtures, fittings and equipment Total
Cost £'m £'m £'m £'m
At 1 October 2024 4.5 2.5 5.3 12.3
Additions - - 0.1 0.1
At 31 March 2025 4.5 2.5 5.4 12.4
Accumulated Depreciation £'m £'m £'m £'m
At 1 October 2024 2.5 2.0 4.2 8.7
Charge for the Year 0.3 0.4 0.3 1.0
At 31 March 2025 2.8 2.4 4.5 9.7
Net book amount
At 31 March 2025 (unaudited) 1.7 0.1 0.9 2.7
Right-of-use asset
Head office IT equipment Fixtures, fittings and equipment Total
Cost £'m £'m £'m £'m
At 1 October 2024 4.5 2.5 5.3 12.3
Lease modifications (Note 13) - 0.7 - 0.7
At 30 September 2025 4.5 3.2 5.3 13.0
Accumulated Depreciation £'m £'m £'m £'m
At 1 October 2024 2.5 2.0 4.2 8.7
Charge for the Year 0.5 0.8 0.4 1.7
At 30 September 2025 3.0 2.8 4.6 10.4
Net book amount
At 30 September 2025 (audited) 1.5 0.4 0.7 2.6
The depreciation expense of £0.8m for the period ended 31 March 2026 (31
March 2025: £1.0m, 30 September 2025: £1.7m) has been recognised within
administrative expenses.
11 Deferred tax
Deferred tax assets and liabilities are attributable to the following:
At 31 March 2026 At 31 March 2025 At 30 September 2025
unaudited unaudited audited
£'m £'m £'m
Intangible assets (1.4) (3.1) (1.6)
Property, plant and equipment 0.2 0.2 0.2
Share based payments 1.6 1.4 2.0
Losses and unused tax relief - 1.2 -
Research and Development amortisation (0.3) - (0.3)
Total deferred tax (liabilities)/assets 0.1 (0.3) 0.3
The Group does not have carried forward losses at 31 March 2026 (31 March
2025: £1.2m, 30 September 2025: £nil).
12 Trade and other receivables
At 31 March 2026 At 31 March 2025 At 30 September 2025
unaudited unaudited audited
Amounts falling due within one year: £'m £'m £'m
Trade receivables - net 286.2 314.6 161.1
Other receivables and prepayments 46.6 39.4 41.6
Other taxes and social security 3.6 3.1 1.8
Total trade and other receivables 336.4 357.1 204.5
For the 6 months ending 31 March 2026, other receivables includes £6.5m
receivable in respect of amounts due from airlines as a result of supplier
cancellations (31 March 2025: £4.9m, 30 September 2025: £3.2m). Other
receivables and prepayments includes £29.7m of advanced payments to suppliers
(31 March 2025: £21.5m, 30 September 2025: £18.9m), £2.6m of overrides
commission (31 March 2025: £3.7m, 30 September 2025: £11.2m) and £4.0m of
rebates due from suppliers (31 March 2025: £3.6m, 30 September 2025: £4.1m).
The expected credit losses in respect to these balances is not material.
Expected credit losses for trade receivables
Set out below is the movement in the allowance for expected credit losses of
trade receivables:
At 31 March 2026 At 31 March 2025 At 30 September 2025
unaudited unaudited audited
£'m £'m £'m
At 1 October 1.7 1.2 1.2
Expected credit losses 3.3 1.9 2.5
Utilised in year (1.9) (1.1) (2.0)
Total allowance for expected credit losses 3.1 2.0 1.7
13 Trade, other payables and provisions
At 31 March 2026 At 31 March 2025 At 30 September 2025
unaudited unaudited audited
£'m £'m £'m
Non-current liabilities
Lease liabilities 2.1 1.4 1.0
Current liabilities
Trade payables 425.5 431.7 319.2
Accruals and other payables 25.6 23.2 20.8
Lease liabilities 0.6 0.6 1.2
Provisions 2.2 0.7 2.2
Total trade, other payables and provisions 456.0 457.6 344.4
Provisions
For the period ended 31 March 2026 a provision of £0.6m has been recognised
in respect of expected future cancellations for supplier and customer
cancellations on the forward order book for future departures (31 March 2025:
£0.7m, 30 September 2025: £1.0m). The Group expect this provision to be
utilised over the next year. The provision is based on trends and best
estimate of future expectation, there is inherent uncertainty in terms of the
level and timing of future cancellations which will depend on various factors
including potential further supplier disruption.
The Group has provisions held in relation to discontinued operations of £0.6m
at 31 March 2026 (31 March 2025: £nil, 30 September 2025: £1.2m). For the
period ended 31 March 2026, the Group has recognised a provision for
restructuring and redundancy costs of £1.0m (31 March 2025: £nil, 30
September 2025: £nil)
Lease liabilities
During the period, the Group entered into a new lease arrangement for IT
equipment. The lease has been recognised in accordance with IFRS 16 Leases,
resulting in the recognition of a right-of-use asset and a corresponding lease
liability of £1.1 million at the commencement date.
14 Trust Account
Trust accounts are restricted cash held separately and only accessible once
the Trust rules are met as approved by our Trustees and the Civil Aviation
Authority, this is at the point the customer has travelled or the booking is
cancelled and refunded.
15 Financial instruments
At the balance sheet date the Group held the following:
FV Level At 31 March 2026 At 31 March 2025 At 30 September 2025
Financial assets £'m £'m £'m
Derivatives designated as hedging instruments
Forward exchange contracts 2 1.2 - 3.4
Interest rate collar - - -
Financial assets at amortised cost
Trade and other receivables (note 12) 306.7 335.6 185.6
Trust account 209.9 224.2 142.9
Cash at bank - 10.5 91.7
Total financial assets 517.8 570.3 423.6
Financial liabilities
Derivatives designated as hedging instruments
Forward exchange contracts 2 (0.8) (1.9) (0.8)
Interest rate swaps - (0.1) -
Interest rate collar - - (0.1)
Financial liabilities at amortised cost
Trade payables (425.5) (431.7) (319.2)
Accruals and other payables (25.6) (23.2) (20.8)
Lease liabilities (2.7) (2.0) (2.2)
Provisions (2.2) (0.7) (2.2)
Revolving credit facility (27.0) (40.0) -
Overdraft facility (0.5) - -
Total financial liabilities (484.3) (499.6) (345.3)
a) Measurement of fair values
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows:
i) Level 1: quoted prices (unadjusted) in active
markets for identical assets or liabilities
ii) Level 2: inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices)
iii) Level 3: inputs for the asset or liability that are
not based on observable market data (unobservable inputs)
At 31 March 2026 At 31 March 2025 At 30 September 2025
FV Level £'m £'m £'m
Forward contracts 2 0.4 (1.9) 2.6
Interest rate swaps 2 - (0.1) -
Interest rate collar 2 - - (0.1)
The forward contracts have been fair valued at 31 March 2026 with reference to
forward exchange rates that are quoted in an active market, with the resulting
value discounted back to present value.
b) Financial risk management
The Group's principal financial liabilities, other than derivatives, comprise
revolving credit facility, provisions and trade and other payables. The main
purpose of these financial liabilities is to finance the Group's operations.
The Group's principal financial assets include trade receivables, cash at bank
and trust account that derive directly from its operations.
In the course of its business the Group is exposed to market risk (including
foreign exchange risk and interest rate risk), credit risk, liquidity risk and
technology risk. The Group's overall risk management strategy is to minimise
potential adverse effects on the financial performance and net assets of the
Group. These policies are set and reviewed by senior finance management and
all significant financing transactions are authorised by the Board of
Directors.
The Group's key financial market risks are in relation to foreign currency
rates. The majority of the Group's purchases are sourced from outside the
United Kingdom and as such the Group is exposed to the fluctuation in exchange
rates (currencies are principally Sterling, US Dollar and Euro). The Group
places forward cover on the foreign currency exposure of its purchases.
Derivatives are valued using present value calculations. The valuation methods
incorporate various inputs including the foreign exchange spot and forward
rates, yield curves of the respective currencies and currency basis spreads
between the respective currencies.
Revolving credit facility
Currently, the Group has access to a £120m facility with an accordion of
£30m, which is set to expire in September 2029 following a refinance in the
year ending 30 September 2025. The purpose of the facility is to meet the
day-to-day working capital requirements of the Group. At the point of
refinancing there was nothing drawn down. Upon refinancing, a new facility fee
of £0.6m was prepaid, being amortised over the new period. The amortisation
is recognised within finance expenses.
The total facility is £120m and has three elements as follows:
· £40.0m facility with Lloyds
· £40.0m facility with Natwest
· £40.0m facility with HSBC
The interest rate payable is equal to SONIA plus a margin. The margin
contained within the facility is dependent on net leverage ratio and the rate
per annum ranges from 1.4% to 2.4% for the facility or any unpaid sum.
The terms of the facility include the following covenants:
(i) the ratio of adjusted EBITDA to net finance charges in respect of any
relevant period shall not be less than 4:1; and
(ii) the ratio of total net debt to adjusted EBITDA shall not exceed 3:1.
The Group did not breach the covenants during the period and period end.
The RCF is available for other credit uses including currency hedging
liabilities and corporate credit cards. At 31 March 2026, the liabilities
recognised in trade and other payables for the other credit uses was £5m,
leaving £115m of the facility available for use. Card facilities with other
providers remain available for use. The amount drawn down in cash at 31 March
2026 was £27m.
The RCF currently meets all criteria under IAS 1 to be classified as a current
liability, as current drawdowns will be repaid in less than 12 months.
However, under IAS 1 all liabilities with covenant dates of greater than 1
year after the end of the reporting period must be presented as a non-current
liability.
16 Related party transactions
During the period ended 31 March 2026, the Group made a loan of £5m to the
Employee Benefit Trust ('EBT') in order to acquire shares. The EBT is
independent and based in Jersey.
17 Share buyback
and cancellation
During the period ended 31 March 2026, the Group repurchased and cancelled
10,174,681 shares with a nominal value of £0.01, for a total consideration of
£22.0m. The Group also cancelled 1,394,485 shares with a nominal value of
£0.01, purchased between 24 and 30 September 2025 for total consideration of
£3.0m. The nominal value of £0.1m was deducted as a capital contribution,
with £24.9m being deducted from retained earnings.
18 Dividends paid
On 19 March 2026, the Group paid a final dividend of 3.0p per share, totalling
£4.2m to shareholders. This dividend was declared at the AGM on 12 March 2026
in respect of the year ended 30 September 2025 and was paid from retained
earnings. The full dividend for the year ended 30 September 2025 was 4.0p per
share, totalling £6.2m.
On 12 May 2026, the Group declared an interim dividend of 1.0p per share
(FY25: 1.0p), totalling £1.5m to shareholders (FY25: £1.5m) in respect of
the period ended 31 March 2026. This dividend was not recognised as a
liability at the reporting date as it was declared after the end of the
reporting period.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the interim report in accordance
with applicable law and regulations. The Directors confirm that the condensed
consolidated interim financial information has been prepared in accordance
with International Accounting Standard 34 ('Interim Financial Reporting') as
adopted by the European Union.
The interim management report includes a fair review of the information
required by the Disclosure Guidance and Transparency Rules paragraphs 4.2.7 R
and 4.2.8 R, namely:
· an indication of important events that have occurred during the
six months ended 31 March 2026 and their impact on the condensed set of
financial information, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
· material related-party transactions during the six months ended
31 March 2026 and any material changes in the related-party transactions
described in the Annual report and Accounts 2025. The Directors of the Company
are listed in the Annual Report and Accounts 2025.
A list of current Directors is also maintained on the Company's website:
(http://onthebeachgroupplc.com/) (http://onthebeachgroupplc.com/)
http://onthebeachgroupplc.com. (http://onthebeachgroupplc.com/)
The interim report was approved by the Board of Directors and authorised for
issue on 12 May 2026 and signed on its behalf by:
Shaun Morton - CEO
12 May 2026
GLOSSARY
APM Definition Reconciliation to closest GAAP measure
Adjusted EBITDA Adjusted EBITDA is defined as Group operating profit before depreciation, Adjusted EBITDA (£'m) 6 months ended Restated Year ended 30 September 2025
amortisation, exceptional items and the non-cash cost of the share based
payment schemes, and amortisation of acquired intangibles. 31 March 2026 (note 7)
Depreciation, amortisation and amortisation of acquired intangibles are 6 months ended
excluded as non-cash charges that reflect historical capital investment and
acquisition activity rather than the underlying trading performance of the 31 March 2025
period.
Share-based payment charges are excluded as a non-cash item, which fluctuates
year on year.
Exceptional items derive from events or transactions that fall outside of the
normal activities of the Group. See glossary explanation for exceptional items
for further details.
Group operating (loss)/profit (3.8) 2.4 22.9
Depreciation and amortisation 4.7 6.5 10.3
Amortisation of acquired intangibles 1.1 1.1 2.2
EBITDA 2.0 10.0 35.4
Exceptional items 2.6 0.9 1.3
Share based payments 1.8 1.9 3.6
Adjusted EBITDA 6.4 12.8 40.3
Adjusted EPS Adjusted basic EPS is calculated using the weighted average number of ordinary Adjusted EPS 6 months ended 31 March 2026 Restated Year ended 30 September 2025
shares in issue and the adjusted profit after tax.
(note 7)
Adjusted profit after tax is defined as statutory profit after tax, excluding
amortisation of acquired intangibles, share-based payment charges and 6 months ended 31 March 2025
exceptional items. These items are excluded as they are either non-cash in
nature, arise from historical acquisition activity, or relate to events
outside the normal activities of the Group - and Management's view is their
exclusion allows assessment of the underlying performance of the business on a
consistent and comparable basis.
(Loss)/Profit for the period (2.5) 3.8 24.6
Share based payments (net of tax) 1.4 1.5 2.7
Exceptional items (net of tax) 2.0 0.7 1.0
Amortisation of acquired intangibles (net of tax) 0.8 0.8 1.6
Adjusted profit after tax 1.7 6.8 29.9
Basic weighted average number of Ordinary Shares (m) 143.8 163.8 157.3
Adjusted EPS (p) 1.2 4.1 19.0
Adjusted operating profit Adjusted operating profit is based on operating profit before the impact of Adjusted operating profit (£'m) 6 months ended 31 March 2026 Restated Year ended 30 September 2025
exceptional items, amortisation of acquired intangibles and the non-cash cost
of the share based payment schemes. (note 7)
Exceptional items derive from events or transactions that fall outside of the
normal activities of the Group. See glossary explanation for exceptional items
for further details. 6 months ended 31 March 2025
These costs / income are excluded by virtue of their size and in order to
reflect Management's view of the performance of the Group.
Operating (loss)/profit (3.8) 2.4 22.9
Exceptional items 2.6 0.9 1.3
Share based payments 1.8 1.9 3.6
Amortisation of acquired intangibles 1.1 1.1 2.2
Adjusted operating profit 1.7 6.3 30.0
Adjusted profit before tax Adjusted profit before tax is defined as statutory (loss)/profit before tax, Adjusted profit before tax (£'m) 6 months ended 31 March 2026 Restated Year ended 30 September 2025
excluding amortisation of acquired intangibles, share-based payment charges
and exceptional items. These items are excluded as they are either non-cash in (note 7)
nature, arise from historical acquisition activity, or relate to events
outside the normal activities of the Group 6 months ended 31 March 2025
These costs / income are excluded by virtue of their size and in order to
reflect management's view of the performance of the Segment and allow
comparability to prior years.
(Loss)/Profit before tax (3.2) 4.5 27.9
Amortisation of acquired intangibles 1.1 1.1 2.2
Share based payments 1.8 1.9 3.6
Exceptional items 2.6 0.9 1.3
Adjusted profit before tax 2.3 8.4 35.0
Adjusted revenue Adjusted revenue is based on Group revenue, net of exceptional cancellations Adjusted revenue (£'m) 6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
of holidays due to the impact of the Middle East conflict and exceptional
refunds received from airlines that had previously been provided for.
Revenue 52.2 59.4 121.4
Exceptional cancellations 0.7 - -
Exceptional recoveries - (0.1) -
Adjusted revenue 52.9 59.3 121.4
Booked TTV Booked TTV is a non-GAAP measure representing the cumulative total transaction Booked TTV (£'m) 6 months ended 31 March 2026 Restated Year ended 30 September 2025
value of sales booked each month before cancellations and adjustments.
(note 7)
* Costs relate to the gross costs for bookings made on an agent basis.
6 months ended 31 March 2025
Revenue 52.2 59.4 121.4
Costs* and amendments 574.0 552.3 1,127.6
Booked TTV 626.2 611.7 1,249.0
EBITDA (£'m) 6 months ended 31 March 2026 Restated Year ended 30 September 2025
EBITDA EBITDA is based on operating profit before depreciation and amortisation. (note 7)
6 months ended 31 March 2025
Operating (loss)/profit (3.8) 2.4 22.9
Depreciation and amortisation 5.8 7.6 12.5
EBITDA 2.0 10.0 35.4
Exceptional items Total exceptional items in the 6 months ended 31 March 2026 of £2.6m, Exceptional items (£'m) 6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
consists of exceptional cancellations of £0.7m due to the Middle East
conflict and exceptional operating costs of £1.9m.
Total exceptional items in the 6 months ended 31 March 2025 of £0.9m,
consists of exceptional income of £0.1m for refunds received from airlines
that had previously been provided for and exceptional operating costs of
£1.0m.
Exceptional items in the year ended 30 September 2025 of exceptional operating
costs of £1.3m.
These costs / income are excluded from various performance measures by virtue
of their size and in order to better reflect management's view of the
performance of the Group.
Exceptional income 0.7 (0.1) -
Exceptional costs 1.9 1.0 1.3
Exceptional items 2.6 0.9 1.3
Gross profit after marketing costs (£'m) 6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
Gross profit after marketing costs Gross profit after marketing cost is revenue adjusted for exceptional items
and expected credit losses after cost of sales and marketing costs.
Revenue 52.2 59.4 121.4
Expected credit losses (3.3) (1.9) (2.5)
Exceptional items 0.7 (0.1) -
Adjusted gross profit 49.6 57.4 118.9
Online marketing costs (12.1) (16.3) (28.4)
Offline marketing costs (9.5) (9.8) (12.1)
Total marketing (21.6) (26.1) (40.5)
Gross profit after marketing costs 28.0 31.3 78.4
Net Debt Net Debt (£'m) 6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended 30 September 2025
Net debt is the total amount of debt that exceeds the amount of total cash at
bank.
Cash at bank - 10.5 91.7
Borrowings (27.5) (40.0) -
Net debt (27.5) (29.5) 91.7
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FLFSAETILLIR
Copyright 2019 Regulatory News Service, all rights reservedRecent news on On Beach group
See all newsREG - On the Beach Group - INTERIM RESULTS
AnnouncementREG - On the Beach Group - PDMR/SIP Notification
AnnouncementREG - On the Beach Group Morgan Stanley - Holding(s) in Company
AnnouncementREG - On the Beach Group Morgan Stanley - Holding(s) in Company
AnnouncementREG - On the Beach Group Morgan Stanley - Holding(s) in Company
Announcement