On the Beach’s boss to step down as group returns to black for first time
On the Beach’s boss Simon Cooper is set to step down just as the group returns to profit for the first time since the pandemic hit.
Cooper, who founded the beach holiday retailer in 2004, will leave within the next year and will be replaced by the firm’s current chief financial officer Shaun Morton.
The outgoing chief executive will remain on the board, taking up the role of founder director whilst remaining a significant shareholder.
“I am delighted that Shaun has agreed to succeed Simon as CEO of On the Beach,” said chairman Richard Pennicook.
“Shaun’s diligent approach to the group’s finances through the pandemic has ensured we exited Covid with a strong balance sheet and this stands us in good stead as we look to the next growth phase.”
Cooper’s exit comes as On The Beach posted 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.
“Despite a number of well-documented headwinds faced by the entire industry, including the disruption caused by Omicron in the key booking period of January, the Group reported double digit growth in group sales, returned to profitability and exited the year in a strong cash position,” Cooper commented.
Looking forward, despite ongoing macroeconomic headwinds, On the Beach said it had started the new financial year “with a healthy forward order book for summer 2023.”
Analysts at Peel Hunt, Numis and Investec reiterated their Buy recommendation, saying the company was well-positioned for the future as its results remained in line with expectations.