On the Beach shares up 9% as revenue, profit rise

Shares of Stockport-based beach holiday online retailer On the Beach Group plc rose 9% after it said its revenue increased 17.2% to £83.6 million and adjusted profit before tax increased 33.8% to £28.5 million in the year ended September 30.

On the Beach Group plc CEO Simon Cooper said: “These results are further testament to the continued strength and flexibility of our agile business model.

“On the Beach has delivered a 33.8% increase in group adjusted profit before tax, in line with market expectations and a market-leading performance for UK EBITDA as a percentage of revenue at 39.9%.

“Revenue growth in the international business supports our plans to launch in our third international market, Denmark, early in 2018.

“On the Beach continues to use its modular technology platform to innovate and deliver value and flexibility to an increasing audience of beach holidaymakers.

“In May, we completed our first significant acquisition, Sunshine.co.uk Limited, which is now fully integrated onto the OTB platform.

“I am pleased with the performance that has been achieved by the team both through the integration process and beyond.

“The board will continue to evaluate acquisition opportunities that will both increase our scale and deliver value for shareholders.

“We remain confident in the resilience and flexibility of our business model to capitalise on any structural changes in the market.

“On the Beach continues to successfully build a leading position as more consumers discover the ease of use and wide choice of beach holidays that our platforms offer.

“The Board is pleased to report that current trading is in line with expectations and believes the business is well positioned for the key trading period that commences in late December and continues into Q1 2018.”