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On the Beach Group has reported revenue of £63.5 million for the six months ended March 31st, an increase of 41 per cent when compared to the same period last year.
Group gross profit increased five per cent, to £47.5 million, while group adjusted profit before tax was up 14 per cent to £15.7 million.
Simon Cooper, chief executive of On the Beach Group, commented: “On the Beach has delivered a solid performance in half one, despite continuing uncertainties around Brexit, with modest booking and revenue growth supported by the ongoing benefits of improved marketing efficiency which resulted in a growth in adjusted profit before tax of 14 per cent.
“This performance has been delivered against a soft background market, particularly in the important first calendar quarter, when uncertainties regarding Brexit impacted consumer appetite for booking holidays.
“Independent market data shows that a significant proportion of consumers deferred their holiday purchase in the run up to the March 29th deadline and our understanding is that the background market has been trading down ten per cent year-on-year in 2019.”
With a share of 20 per cent of online sales in the short-haul, beach holiday market in the UK, On the Beach Group claims to be one of the UK’s largest online beach holiday retailers.
The group operates both onthebeach.co.uk and sunshine.co.uk.
Following the latest results, On the Beach Group declared an interim dividend of 1.3 pence per share, an 18 per cent increase on the first half of last year.
Cooper added: “There were a number of exciting operational developments in the first half including the launch of Classic Package Holidays, providing a platform for travel agencies to book mainstream beach holidays; the integration of both Emirates and British Airways onto our platform to expand our long haul offering; and we completed our move to the group’s new digital headquarter in Manchester together with the expansion of our operational headquarters in Cheadle.”
Source: breakingtravelnews.com