25th Oct 2016 06:51
LONDON (Alliance News) - On the Beach Group PLC on Tuesday said underlying pretax profit will be "marginally" ahead of the top end of market expectations for its recently-ended financial year.
The online beach holiday retailer said it traded well in a "difficult" market in the year ended September 30, with slower-than-expected revenue growth in the UK of 12% to GBP70 million from GBP62.5 million the year before.
However, On the Beach said it continued to grow market share, with daily unique visitors to the site increasing by 13% to 61 million from 54.4 million.
Since its last trading update in July, On the Beach said demand for beach holidays has remained resilient despite the impact of terrorist attacks and the weakening of sterling.
On the Beach added that it will launch its second international website before the end of 2016, after the successful launch of its Swedish website in January. The new site will be in Norway.
"Management believes that overall demand for short haul beach holidays was suppressed versus the previous year but that, as one of the most visible online beach holiday brands, On the Beach remains well-placed to benefit from this ongoing structural shift in consumer behaviour," the company said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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