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Highlights:
- Record Performance: Total Transaction Value (TTV) grew 15% to £1.2 billion, with revenue up 14% to £128.2 million, driven by strong market demand and operational efficiency.
- Shareholder Returns: Announced a £25 million share buyback program and total annual dividend of 3.0p per share, reflecting confidence in long-term growth.
- Promising Outlook: Winter 2024 bookings rose 25%, with FY25 profit forecast aligning with consensus estimates of £37.9 million and medium-term ambitions targeting a £2.5 billion TTV.
On the Beach Group plc (OTB), a leading online retailer in the travel sector, has delivered exceptional financial performance for the year ending 30 September 2024 (FY24). With record-breaking transactions and a solid strategy for future growth, the company is well-positioned to continue its upward trajectory.
Financial Highlights
On the Beach achieved record Total Transaction Value (TTV) for the third consecutive year, increasing by 15% to £1.2 billion, up from £1.0 billion in FY23. Revenue climbed 14% to £128.2 million, while the Group continued to improve its margins. The business-to-consumer (B2C) Adjusted EBITDA margin rose to 31.7%, compared to 30.0% in FY23.
Adjusted profit before tax (PBT) saw a substantial 25% increase, reaching £31.0 million, while the Group’s statutory profit before tax surged 84% to £26.5 million, up from £14.4 million the previous year. These results reflect the Group's operational efficiency and ability to capitalize on market opportunities.
The company also remains financially robust, with cash reserves (excluding amounts held in trust) rising to £96.2 million, compared to £75.8 million at the end of FY23. Shareholders will benefit from a final dividend of 2.1p per share, bringing the total annual dividend to 3.0p per share, aligned with OTB’s capital allocation policy.
Additionally, the Board has authorized a £25 million share buyback program, a move that underscores its confidence in the Group’s strategic direction and long-term value creation.
Positive Outlook and Strategic Momentum
The strong momentum of FY24 has carried into the new financial year, with year-to-date TTV up 14% and bookings growth of 15%. Winter 2024 bookings are up 25%, marking a record forward order book. As OTB approaches its critical booking season in Q2, the Group is positioned to capitalize on consumer demand, with early indicators suggesting that Summer 2025 will significantly outperform Summer 2024.
The Board remains confident in delivering FY25 adjusted profit before tax in line with the market consensus estimate of £37.9 million.
Medium-Term Ambitions
Looking further ahead, On the Beach has outlined ambitious medium-term targets that aim to double its TTV to £2.5 billion and achieve an EBITDA of £100 million, equivalent to 40% of revenue. Adjusted PBT is forecast to grow to £85 million, reflecting the Group's commitment to sustained growth and profitability.
