Holiday firm basks in profits of £21m plus

LISTED online holiday company On The Beach Group has battled challenging trading conditions, including fear of terrorist attacks, to deliver a 47% increase in pre-tax profits to £21.3m – ahead of expectations.

The Cheadle, Greater Manchester company’s profits for the year ended September 30 were up from £14.1m in 2015 and turnover was up 13% to £71.3m (2015: £63.1m).

Chief executive Simon Cooper said: “These results are testament to the strength and flexibility of our agile business model amidst difficult conditions in the travel industry.

“We have delivered profits ahead of market expectations despite a number of challenging external factors and a market-leading performance for UK EBITDA as a percentage of revenue at 36%.

“During the year, the group has showcased its unique strengths and attributes to deliver profitable growth.

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

“Using our scale to drive exclusivity, our technology to drive innovation and our financial strength, ATOL protection and strong consumer brand to drive customer trust, we are well placed to capitalise on the structural changes in the market which will only accelerate given the difficult conditions in the market this year.”