On the Beach Group PLC has released its interim results for the six months ended 31 March 2024, reporting a 22% increase in Group booked TTV compared to the same period in the previous year. The Group's revenue saw an 11% year-on-year increase, driven by a rise in passenger bookings and the average value of holidays sold. The company also reported a significant improvement in operational efficiencies, resulting in a 93% increase in adjusted EBITDA compared to the prior year.
The financial and operational highlights include a strong performance from the OTB and Classic Package Holidays ("CPH") brands, with a proforma continuing EBITDA following B2B changes of £10.1m. The Group declared an interim dividend of 0.9p per share in line with its capital allocation policy. The overall market remains robust, with an additional 7% airline capacity to beach leisure destinations for Summer 24. On the Beach continues to grow ahead of this rate, supported by a new partnership agreement with Ryanair.
The premium market segment showed strong performance, with a 41% year-on-year growth in 5* holidays within the B2C segment, while the long-haul market also outperformed, with a 61% increase in TTV compared to the prior year. The company expressed confidence in delivering a record Summer '24, with the forward order TTV currently 22% ahead of last year. The Board is confident in delivering FY24 profit in line with current consensus expectations.
Shaun Morton, Chief Executive of On the Beach Group plc, expressed satisfaction with the results, highlighting the strong growth in TTV and the signing of a long-term distribution agreement with Ryanair as milestone achievements. He also emphasized the company's confidence in delivering its biggest summer ever, supported by continued trading momentum since the half-year mark.
The company will be holding a meeting for sell-side equity analysts and investors to discuss the results further.
For further information, investors can contact On the Beach Group plc or FTI Consulting.
This summary provides a comprehensive overview of On the Beach Group PLC's interim results, including financial and operational highlights, trading dynamics, and the company's current trading and outlook.