On The Beach FY pre-tax profit seen at top end of market views

(Sharecast News) - On The Beach said on Wednesday that full-year adjusted pre-tax profit was set to be at the top end of market expectations as it hailed record total transaction value (TTV). In a pre-close update for the year to 30 September, the company said TTV rose 26% on the year to around £1.1bn, driven by growth in volumes and average booking values.

Passenger numbers rose 11%, with Winter 2023 currently 26% ahead of the prior year.

OTB now sees full-year earnings before interest, tax, depreciation and amortisation in line with market expectations, while group adjusted pre-tax profit will be at the top end of the range of market expectations, benefitting from higher than anticipated interest income.

Chief executive Shaun Morton said: "We continue to leverage the benefits of the investments we have made in our proprietary technology platform, brand and proposition and I am pleased to see that this has driven growth in both the top and bottom lines during the second half of the year as planned.

"Alongside access to greater seat and bed capacity, this has resulted in our most successful summer, sending more passengers on their holidays than ever before. Following our strong second half performance we will exit FY23 with the momentum of a record forward order book and demonstrable progress in strategic expansion areas, which we are excited to build upon in FY24."

At 1000 BST, the shares were up 14% at 118.91p.