On the Beach Group PLC 2023 Pre-Close Trading Update (2104M)
13 Settembre 2023 - 8:00AM
UK Regulatory
TIDMOTB
RNS Number : 2104M
On the Beach Group PLC
13 September 2023
13 September 2023
On the Beach Group plc
("On the Beach", "OTB" or the "Group")
2023 Pre-Close Trading Update
On the Beach Group plc (LSE: OTB.L) today provides an update on
trading for its financial year ending 30 September 2023 ("FY23"),
in advance of announcing its preliminary results on 5 December
2023.
Summary
-- Record TTV(1) of c.GBP1.1bn, +26% year on year driven by
growth in volumes and average booking values ("ABV")
-- Group EBITDA in line with market expectations and Group
adjusted PBT at the top end of the range of market expectations,
benefitting from higher than anticipated interest income
-- OTB segment marketing costs for the full year at 40% of revenue (FY22: 45%)
-- The Group is debt free and cash generative, providing balance sheet flexibility
Trading Update
The Group will deliver record TTV and revenue in FY23. This
performance has been underpinned by enhanced platform capabilities
and a well-executed strategy across brand and proposition.
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.
The Group is successfully growing volumes and ABV in its core
addressable market and strategic online expansion segments, and
will deliver a c.70% increase in TTV for Long Haul bookings and a
c.30% increase in Premium 5* TTV by the year-end.
(1) Total transaction value ("TTV") of holidays booked in the
period before cancellations and amendments.
Shaun Morton, Chief Executive of On the Beach, commented:
"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."
ENDS
For further information:
On the Beach Group plc via FTI Consulting
Shaun Morton, Chief Executive
Officer
Jon Wormald, Chief Financial
Officer
FTI Consulting Tel: +44 (0)20 3727 1000
Alex Beagley
Fiona Walker
Sam Macpherson
Rafaella de Freitas
About On the Beach
On the Beach Group plc is one of the UK's largest online beach
holidays retailers, with significant opportunities for growth. 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.
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END
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September 13, 2023 02:00 ET (06:00 GMT)
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