25th Sep 2024 17:29
(Alliance News) - On the Beach Group PLC on Wednesday said bookings for summer 2025 are promising following record sales.
OTB is an online beach holiday retailer based in Manchester, England.
It reported a record total transaction value of GBP1.2 billion for the year ends September 30, up 15%.
The firm attributed this to volume growth of 13% year-on-year for summer 2024.
OTB also noted that it signed a "transformational partnership" with Ryanair Holdings PLC during this period, unlocking further growth opportunities.
OTB said adjusted pretax profit was in line with market expectations, despite significant costs related to the Ryanair integration. It puts consensus at GBP31.0 million.
Looking ahead, OTB said it expects "further success" in financial 2025, with winter volumes currently 34% ahead of the prior year.
The firm added that it expects its final dividend to be in line with the stated capital allocation policy.
Chief Executive Shaun Morton commented: "Summer 24 has set a new record for On the Beach and our full year performance represents the third consecutive year of revenue growth while delivering improved operating leverage resulting in significant Ebitda and profit before tax growth."
He continued: "We executed on a number of strategic initiatives during the year, including the successful integration with Ryanair, the launch of selling package holidays in Ireland and continued enhancements to our platform capabilities."
OTB shares were fell 2.9% to 140.80 pence each in London on Wednesday.
By Lydia Doye, Alliance News reporter
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