On the Beach says it has 'significant momentum' as bookings surge
Holiday provider On the Beach has reported "significant momentum" after a record-breaking summer.
The company revealed that the value of holidays booked during its peak period was more than a quarter higher than the previous year. The firm's strong performance continued into the new financial year, with more orders at an all-time high.
Total transaction value (TTV) during its peak booking period up to January 24 was 27% ahead of the same time last year. CEO 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."
He added: "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."
The company also highlighted the success of its long-haul operations, which saw total transaction value increase by 86% compared to a year earlier. Mr Morton said: "Winter 2023 TTV is currently 34% ahead of the prior year and current trends continue to give the board confidence that summer 2024 will be significantly ahead of summer 2023."
On the Beach is focused on offering products that are cheaper than its competitors, aiming to capture a larger share of a growing market. The company believes it's on track to deliver a profit in line with the £30 million, adjusted and before tax, that analysts have forecast for the financial year. Shares rose 1.7% on Friday morning.
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