AGM Trading Update

RNS Number : 0221O

On the Beach Group PLC

27 January 2023

 

27 January 2023   

On the Beach Group plc

("On the Beach" or the "Group")

AGM Trading Update

On the Beach Group plc (LSE: OTB.L), a leading UK online retailer for beach holidays, issues the following trading update for the start of its financial year, 1 October 2022 to date (FY23), in advance of its Annual General Meeting to be held today.

Following a year of disruption in FY22, On the Beach began FY23 with a healthier overall forward order book than the prior financial year. Although the first quarter (calendar Q4) is historically the quietest trading period, Group TTV* for October, November and December 2022 exceeded the comparative months in FY22.

Bookings since the Christmas period have materially increased and whilst it is still very early in the year, Group TTV since the start of the financial year to date is up 68% vs the equivalent period in FY22. The strategic actions taken by the Group in the current and prior financial year, have contributed to a continuation of the key trends observed in FY22, including growth in FY23 across premium, long-haul and B2B expansion areas.

The Group has a strong balance sheet and, in line with its strategy, has significantly increased investment across the period and into January across brand, technology and its customer proposition, to support strong sales growth for summer 2023 departures and continue to build momentum for the second half of the year.

Simon Cooper, Chief Executive of On the Beach Group plc, commented:

"It's been pleasing to see the key trends we observed throughout FY22 continue into FY23, especially into our key booking period, which has resulted in Group TTV growing 68% against our prior year. We are significantly increasing investment in our brand, technology and customer proposition to capitalise on this momentum and grow our market share."

*TTV: the total transaction value of holidays sold during the period, before cancellations and amendments.

For further information: 

On the Beach Group plc  via FTI Consulting

Simon Cooper, Chef Executive Officer

Shaun Morton, Chief Financial Officer

FTI Consulting  Tel: [phone]

Alex Beagley [e-mail]

Fiona Walker

Sam Macpherson

Rafaella de Freitas

About On the Beach

On the Beach plc is one of the UK's largest online beach holidays retailers, with significant opportunities for growth and is on a long-term mission to become Europe's leading beach holiday retailer. Its innovative technology, low-cost base and strong customer-value proposition provides a structural challenge to legacy tour operators and online travel agents, as it continues disrupting the online retail of beach holidays. Its model is customer-centric, asset light, profitable and cash generative.

Cautionary statement

This announcement may contain certain forward-looking statements with respect to the financial condition, results, operations and businesses of the Group. Forward looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'will', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal' or 'estimates'. These forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements, including factors outside the Group's control. The forward-looking statements reflect the knowledge and information available at the date of preparation of this announcement and will not be updated during the year. Nothing in this announcement should be construed as a profit forecast.

www.onthebeachgroupplc.com

 

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