On the Beach sees 68 per cent post-pandemic booking uptick ahead of AGM
On the Beach said bookings had “materially increased” rising 68 per cent year-on-year during the financial year ending December.
The holiday firm said its financial year had started with a “healthier overall forward book,” and that the value of holidays sold between October and December had exceeded the previous year’s levels.
“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’s total transaction value growing 68 per cent against our prior year,” said chief executive and founder Simon Cooper.
In December Cooper said he was stepping down from the company. He will be replaced by the current chief financial officer Shaun Morton.
“We are significantly increasing investment in our brand, technology and customer proposition to capitalise on this momentum and grow our market share,” he added.
On the Beach – which is hosting its AGM later today – posted a profit in early December, returning to black for the first time since the pandemic.
On The Beach reported a profit of £14.1m for the 12 months ended 30 September – up from last year’s loss of £18.4m.
Despite being slightly lower than pre-pandemic times, revenue soared by 78.8 per cent to £144.3m as the average value of bookings was 31 per cent higher than 2019.