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28 Nov 2018

BY Gary Noakes

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TRFBLI

On the Beach booms despite hot UK summer

On the Beach Group has hailed a “market-leading performance” for the year to the end of September after a jump in pre-tax profits.

On the Beach.jpg
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On the Beach boss hails 'market leading performance'

Adjusted group profit before tax rose 17.9% to £33.6 million on turnover of £104.1 million (up 24.5%).

 

On the Beach now claims a market share of more than 20% of online sales in the short-haul sector.

 

Simon Cooper, On the Beach Group chief executive said: “"I am pleased with the Group’s performance, having delivered a 17.9% increase in Group adjusted profit before tax, in line with market expectations and a further improvement in the market-leading performance for core EBITDA as a percentage of revenue at 42.4%.”

 

The result came despite the exceptional British summer and the World Cup. Cooper said the brand had reined in its marketing spend as a result, which had helped its bottom line.

 

On the Beach bought Classic Collection in mid-August, which it will offer as a business-to-business brand. An agent-only booking portal will launch in early 2019. Classic Collection has contributed a profit of £1.1 million in the period since its £20 million acquisition.

 

The group’s international division reported a £2.2 million loss, compared to a deficit of £2 million last year. It blamed the hot summer in Scandinavia and discounting by rivals. Start-up costs in Denmark also impacted results.

 

Cooper said early 2019 trading had been “strong”. This, he said, was due to “a slightly earlier release of summer capacity by major low cost carriers, lower year-on-year seat prices for winter departures and a continued efficiency in marketing spend”.

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