9th Dec 2015 08:35
LONDON (Alliance News) - Travel operator On The Beach Group PLC on Wednesday said its loss narrowed and its underlying profit surged in its last financial year, with revenue higher and the group confident on its outlook.
The company, which focuses on providing short-haul beach holidays, said it made a pretax loss of GBP2.5 million for the year to the end of September, mainly due to one-off financing costs related to its listing on London Main Market, which it completed at the end of September.
Underlying pretax profit for the group, which strips out exceptionals, amortistion costs and shareholder interest payments, rose 47% to GBP14.5 million from GBP9.9 million.
Total group revenue for the year rose to GBP63.1 million, up 38% year-on-year from GBP45.8 million, as the group said its daily unique visitors from the UK increased 14% and the share of visits from mobile customers increased substantially. Total transaction values for the year rose 27% to GBP453.6 million from GBP358.3 million.
The company has hiked its investment spend in order to ramp up operations in Sweden and saw its total website visits from its international operations nearly triple.
"Our results demonstrate how we are successfully building a leading position as more consumers discover the ease of use and wide choice of beach holidays that our platforms offer," said Chief Executive Simon Cooper.
"We have had a strong start to the new financial year and performance is in line with board's expectations. I remain confident for the year ahead as we focus on our strategic objectives while investing to deliver long-term, sustainable returns for our shareholder," Cooper added.
Shares in On The Beach were up 7.3% to 180.00 pence early Wednesday, one of the best performers in the London market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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