Business
2023 Pre-Close Trading Update
2023 Pre-Close Trading Update.
About this update from On The Beach Group Plc
[{"type":"text","content":"\n\n13 September 2023\n \nOn the Beach Group plc\n(\"On the Beach\", \"OTB\" or the \"Group\")\n \n2023 Pre-Close Trading Update\n \nOn the Beach Group plc (LSE: OTB.L) today provides an update on trading for its financial year ending 30 September 2023 (\"FY23\"), in advance of announcing its preliminary results on 5 December 2023.\n \nSummary\n \n\n· Record TTV1 of c.£1.1bn, +26% year on year driven by growth in volumes and average booking values (\"ABV\")\n· Group EBITDA in line with market expectations and Group adjusted PBT at the top end of the range of market expectations, benefitting from higher than anticipated interest income\n\n\n· OTB segment marketing costs for the full year at 40% of revenue (FY22: 45%)\n\n\n· The Group is debt free and cash generative, providing balance sheet flexibility\n\n\n \n\n \nTrading Update\n \nThe Group will deliver record TTV and revenue in FY23. This performance has been underpinned by enhanced platform capabilities and a well-executed strategy across brand and proposition.\n \nThe Group expects Summer 23 passenger numbers to be 11% ahead of Summer 22, with Winter 23 currently 26% ahead of the prior year. Notwithstanding that it remains in its early stages, bookings for Summer 24 are also significantly ahead of the prior year.\n \nThe Group is successfully growing volumes and ABV in its core addressable market and strategic online expansion segments, and will deliver a c.70% increase in TTV for Long Haul bookings and a c.30% increase in Premium 5* TTV by the year-end.\n \n1 Total transaction value (\"TTV\") of holidays booked in the period before cancellations and amendments.\n \n \nShaun Morton, Chief Executive of On the Beach, commented: \n \n\"We continue to leverage the benefits of the investments we have made in our proprietary technology platform, brand and proposition and I am pleased to see that this has driven growth in both the top and bottom lines during the second half of the year as planned. Alongside access to greater seat and bed capacity, this has resulted in our most successful summer, sending more ...