Record momentum continues into peak booking period for On the Beach
A best ever summer of business has continued into the peak book period of fiscal year 2024 for Manchester-based holidays group, On the Beach.
Ahead of its annual general meeting later today, the business issued a trading update for the 2024 fiscal period which revealed that TTV – total transaction value of holidays sold during the period up to and including January 24, 2024, before cancellations and amendments – was 27% ahead of the equivalent period in 2023.
On the Beach said it continues to invest in its proposition, brand and platform to differentiate its offer, powering year on year growth across core and expansion areas, with B2C 3*, 5* and long haul each delivering year to date growth.
B2C 3* TTV is up eight per cent, B2C 5* TTV is ahead by 41% and B2C long haul TTV is 86% better, versus the equivalent period in fiscal year 2023.
The group said it has taken the opportunity to price competitively and focus on volume growth to capture share in a growing market, and remains confident in delivering FY24 profit in line with current market expectations. Based on company-compiled consensus from 10 contributing analysts, the group is forecasting an adjusted profit before tax of £30m.
Chief executive, Shaun Morton, said: “I am pleased to report that the momentum we experienced throughout last year has continued into this new financial year, with significant TTV growth across our core and expansion areas.
“We believe this is due to a combination of realising our investments across our proprietary platform, brand and customer proposition and consumers continuing to prioritise holidays, viewing it as non-discretionary expenditure.
“Winter ’23 TTV is currently 34% ahead of the prior year and current trends continue to give the board confidence that Summer ’24 will be significantly ahead of Summer ’23.”
