The OTA’s total transactional value (TTV) ran to a record £495 million during the first half of the year (six months to 31 March 2023), up by more than a quarter (28%) compared with the same period last year.

Revenue, meanwhile, increased by 38% year-on-year to £73.2 million, while group earnings before interest, tax, depreciation and amortisation increased by 11% to £4.1 million. The group also shrunk its total loss before tax from £7 million to £6 million.

“I am pleased with the group’s strong performance in the first half, delivering a record group booked TTV and group revenue performance, up 28% and 38% respectively, driven by increases in both volume of bookings and the average value of holidays sold,” said outgoing chief executive Simon Cooper. 

Cooper said the group’s strong performance was also driven by intense investment, which included On the Beach’s largest-ever offline marketing campaign, The most wonderful time of the year.

“The travel sector continues to recover post-pandemic and the group has experienced significant increases in demand for its holiday product, particularly the premium 5* offer,” Cooper continued.

TTV growth in the premium segment has gone up 17% year-on-year, while the average value of three-star bookings have gone up 46% despite the cost of living squeeze 

Cooper, who announced his decision to step down late last year and will be replaced by current chief financial officer Shaun Morton on 30 June, said the “right building blocks” are in place “to deliver growth across the business".

“I remain excited about both the near term and longer term opportunities for On the Beach,” he added.