On the Beach Group PLC has released its AGM trading update, reporting a strong start to the financial year 2024. The company began the year with a record forward order book and significant momentum following its best-ever summer. The total transaction value (TTV) for FY24 is 27% ahead of the equivalent period in FY23, with growth across core and expansion areas. B2C 3*, 5*, and long haul each delivered year-to-date growth, with TTV increases of +8%, +41%, and +86% respectively compared to the same period in FY23.
The company has focused on investing in its proposition, brand, and platform to differentiate its offer, resulting in year-on-year growth. On the Beach has taken the opportunity to price competitively and focus on volume growth to capture share in a growing market. The Group remains confident in delivering FY24 profit in line with current market expectations.
Shaun Morton, Chief Executive of On the Beach Group PLC, expressed confidence in the company's performance, stating, "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."
The company's winter '23 TTV is currently 34% ahead of the prior year, and current trends give the Board confidence that Summer '24 will be significantly ahead of Summer '23. The announcement also includes a cautionary statement regarding forward-looking statements and potential risk and uncertainty related to future events and circumstances.
On the Beach Group PLC is one of the UK's largest online beach holidays retailers, with a customer-centric, asset-light, profitable, and cash-generative model. The company's innovative technology and strong customer-value proposition provide a structural challenge to legacy tour operators and online travel agents, positioning it for significant opportunities for growth.