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On the Beach reports continued momentum after record summer

The business said its strong performance had continued after it had its best-ever summer (Peter Powell/PA)
The business said its strong performance had continued after it had its best-ever summer (Peter Powell/PA)

Holiday provider On the Beach said it has “significant momentum” as the value of the holidays that were booked during its peak period were more than a quarter higher than a year earlier.

The business said its strong performance had continued after it had its best-ever summer and opened the financial year with more orders at a record high.

The firm said total transaction value (TTV) during its peak booking period up to January 24 was 27% ahead of the same in the last financial year.

Chief executive officer Shaun Morton said: “I am pleased to report that the momentum we experienced throughout last year has continued into this new financial year, with significant TTV growth across our core and expansion areas.

“We believe this is due to a combination of realising our investments across our proprietary platform, brand and customer proposition and consumers continuing to prioritise holidays, viewing it as non-discretionary expenditure.”

The business said its long-haul operations had fared particularly well, with total transaction value up 86% compared to a year earlier.

“Winter 2023 TTV is currently 34% ahead of the prior year and current trends continue to give the board confidence that summer 2024 will be significantly ahead of summer 2023,” Mr Morton said.

The company said it was focused on offering products that could be cheaper than its rivals and focusing on capturing a larger share of a growing market.

It said it thinks it is on course to deliver profit in line with the £30 million, adjusted and before tax, that analysts have forecast for the financial year.

Shares rose 1.7% on Friday morning.