On the Beach saw record total transactional value of £1.2 billion in the last financial year, up 15% on 2023, after seeing 13% growth in volume over the summer.
It said its new agreement to sell Ryanair flights was ‘transformational’, improving its operational efficiency and creating further growth opportunities.
It will end the financial year debt free, with cash of around £95 million, it said, and expects to make a pre-tax profit of £31 million.
Chief Executive Shaun Morton added: “Summer ’24 has set a new record for On the Beach and our full year performance represents the third consecutive year of revenue growth while delivering improved operating leverage resulting in significant EBITDA (earnings before tax and interest) and PBT (pre-tax profit) growth.
“We executed on a number of strategic initiatives during the year, including the successful integration with Ryanair, the launch of selling package holidays in Ireland and continued enhancements to our platform capabilities.
“We did this through a period of flight price inflation and subsequent deflation, highlighting the benefits of On the Beach’s asset light, low fixed cost operating model, delivering the best value for money to our customers reflected in our volume growth this year.
“The considerable progress made over the last twelve months has set us up for further success in FY25.”
He said winter volumes are 34% ahead of last year and summer ’25 bookings are ‘very encouraging’.
On the Beach will announce its preliminary results for the full year to the end of September 2024 on 3 December.
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It said its new agreement to sell Ryanair flights was ‘transformational’, improving its operational efficiency and creating further growth opportunities.
It will end the financial year debt free, with cash of around £95 million, it said, and expects to make a pre-tax profit of £31 million.
Chief Executive Shaun Morton added: “Summer ’24 has set a new record for On the Beach and our full year performance represents the third consecutive year of revenue growth while delivering improved operating leverage resulting in significant EBITDA (earnings before tax and interest) and PBT (pre-tax profit) growth.
“We executed on a number of strategic initiatives during the year, including the successful integration with Ryanair, the launch of selling package holidays in Ireland and continued enhancements to our platform capabilities.
“We did this through a period of flight price inflation and subsequent deflation, highlighting the benefits of On the Beach’s asset light, low fixed cost operating model, delivering the best value for money to our customers reflected in our volume growth this year.
“The considerable progress made over the last twelve months has set us up for further success in FY25.”
He said winter volumes are 34% ahead of last year and summer ’25 bookings are ‘very encouraging’.
On the Beach will announce its preliminary results for the full year to the end of September 2024 on 3 December.
The post On the Beach hails record bookings after ‘transformational’ deal with Ryanair appeared first on Travel Gossip.
Continue reading...
