AGM Trading Update

On the Beach Group plc (LSE: OTB.L) issues the following year to date trading update (FY24), in advance of its Annual General Meeting to be held later today.

Following its best ever summer, the Group began FY24 with a record forward order book and significant momentum. This has continued into the peak booking period with FY24 TTV1 27% ahead of the equivalent period in FY23.

On the Beach continues to invest in its proposition, brand and platform to differentiate its offer, powering year on year growth across core and expansion areas, with B2C 3*, 5* and long haul each delivering year to date growth. B2C 3* TTV is +8%, B2C 5* TTV is +41% and B2C long haul TTV is +86% versus the equivalent period in FY23.

The Group has taken the opportunity to price competitively and focus on volume growth to capture share in a growing market, and remains confident in delivering FY24 profit in line with current market expectations2.

Shaun Morton, Chief Executive of On the Beach Group plc, commented:

"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.

"Winter '23 TTV is currently 34% ahead of the prior year and current trends continue to give the Board confidence that Summer '24 will be significantly ahead of Summer '23."

1 TTV: the total transaction value of holidays sold during the period up to and including 24 January 2024, before cancellations and amendments.

2 Based on company compiled consensus ("Consensus") from ten contributing analysts. Consensus FY24E Adjusted PBT is £30.0m.