On the Beach shares up on stronger sales

Shares of Manchester-based online holiday retailer On the Beach Group plc (OTB) rose about 5% on Friday after it published a trading update for its AGM showing that in the four weeks to February 23, 2022, its sales were up 50% on 2019 as travel restrictions were eased.

On the Beach Group CEO Simon Cooper said: “After what has been a very difficult time for the travel industry, it has been incredibly pleasing to see consumer confidence and demand return in line with the loosening of travel restrictions in the UK and our destinations.

“The group’s proactive actions taken throughout the pandemic have led to increased group sales in the higher value 4 and 5 star hotels, particularly for holidays to the Eastern Mediterranean.

“Our sales patterns continue to evolve to our core destinations and while we are seeing shorter lead times for these holidays, we are hopeful that the increasing consumer confidence will result in a strong lates market in those regions.

“Our customer first attitude and proposition has also been reflected in our record Trust Pilot score of 4.5, further supporting our decision to refund our customers throughout the pandemic promptly and in advance of receiving funds from airlines.

“This would not have been possible without the continued hard work of all colleagues across the business.

“While we are mindful of the ongoing inflationary pressures impacting our core consumer base, we look to the future with renewed confidence and believe On the Beach is favourably positioned to continue to gain market share as demand for beach holidays further normalises.”