On the Beach making headway in premium and long-haul segments
James ChappleOn the Beach expects to deliver record total transaction value (TTV) and revenue this year, fuelled by its focus on long-haul and premium five-star bookings.
The OTA on Wednesday (13 September) said it was on course to post record TTV of around £1.1 billion in the year to 30 September 2023 – up 26% year-on-year – "driven by growth in volumes and average booking values".
TTV from long-haul bookings is currently tracking +70% year-on-year, and premium five-star bookings +30% year-on-year.
The group expects summer 2023 passenger numbers to close around 11% ahead of summer 2022, with bookings for winter 2023/24 currently up by more than a quarter (26%) on winter 2022/23.
Looking ahead, albeit early in the booking cycle, On the Beach said bookings for summer 2024 were "significantly ahead" of where they were a year earlier.
As a result, On the Beach stressed it was on course to deliver group ebitda (earnings before interest, taxes, depreciation, and amortisation) "in line with market expectations" and adjusted group profit before tax "at the top end of the range of market expectations".
"We continue to leverage the benefits of the investments we have made in our proprietary technology platform, brand and proposition and I am pleased to see that this has driven growth in both the top and bottom lines during the second half of the year as planned," said On the Beach chief executive Shaun Morton.
"Alongside access to greater seat and bed capacity, this has resulted in our most successful summer, sending more passengers on their holidays than ever before.
"Following our strong second half performance, we will exit FY23 with the momentum of a record forward order book and demonstrable progress in strategic expansion areas, which we are excited to build upon in FY24."
On the Beach will announce its preliminary full-year results on 5 December.
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James Chapple
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
