The OTA issues trading update at start of its financial year ahead of today’s AGM
On The Beach reports ‘material increase’ in bookings since Christmas
Bookings at On the Beach have “materially increased” since Christmas with transaction levels up.
The OTA reported a 68% rise in total transaction value (TTV) of holidays sold over the same period a year earlier.
This followed TTV in the traditionally quieter three months to December exceeding the equivalent three quarter in 2021.
The company reported a “healthier overall forward booking order book” following “a year of disruption”.
In a trading update, On the Beach said: “Bookings since the Christmas period have materially increased and whilst it is still very early in the year, group TTV since the start of the financial year to date is up 68% vs the equivalent period in full year ’22.
“The strategic actions taken by the group in the current and prior financial year, have contributed to a continuation of the key trends observed in full year ’22, including growth in full year ’23 across premium, long-haul and B2B expansion areas.
“The group has a strong balance sheet and, in line with its strategy, has significantly increased investment across the period and into January across brand, technology and its customer proposition, to support strong sales growth for summer 2023 departures and continue to build momentum for the second half of the year.”
Founder and chief executive Simon Cooper said” “It’s been pleasing to see the key trends we observed throughout full year ’22 continue into full year ’23, especially into our key booking period, which has resulted in group TTV growing 68% against our prior year.
“We are significantly increasing investment in our brand, technology and customer proposition to capitalise on this momentum and grow our market share.”