On the Beach issues profit warning

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New hire to focus on M&A

In a broader company update, On the Beach said more than 1,000 agents were now on its Classic Package Holidays platform, launched in March following the group’s acquisition of Classic Collection Holidays in August 2018.

It expects to grow this number to 1,500 by the end of the year and for the platform to deliver “a meaningful contribution” to group performance in 2020.

After relocating its head office to Manchester in November 2018 to leverage the city’s digital talent pool, On the Beach says it has now “accelerated” the pace at which it is adding to its digital teams. It has also reorganised its technology and product operations to better scale its platform and increase the pace at which it can be developed.

The group has recruited a new corporate development director, Adam Hansen, who will join the business later this month from Rothschild and seek to expand On the Beach’s ongoing strategy of exploring acquisition opportunities using his knowledge and experience of M&A in travel.

Other developments include “directly integrating” more scheduled long-haul carriers into its platform following the additions of British Airways and Emirates.

“Further integrations will be completed imminently,” said the group’s trading note, adding On the Beach has more than doubled long-haul revenue this year to date.

It will also seek to further grow its portfolio of directly contracted hotels.