On the Beach transaction value up 26% to £1.1bn

Manchester-based online holiday retailer On the Beach Group plc (OTB) has reported its “total transaction value” (TTV) of holidays rose 26% to a record £1.1 billion for the financial year ending September 30, 2023.

In a trading update, On the Beach said group EBITDA is in line with market expectations and group adjusted profit before tax will be at the top end of the range of market expectations, benefitting “from higher than anticipated interest income.”

The company said: “The group expects Summer 23 passenger numbers to be 11% ahead of Summer 22, with Winter 23 currently 26% ahead of the prior year.

“Notwithstanding that it remains in its early stages, bookings for Summer 24 are also significantly ahead of the prior year.”

On the Beach CEO Shaun Morton said: “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.

“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.”