On The Beach first-half losses narrow

On The Beach reported a narrowing of its interim losses on Tuesday as revenues grew amid higher passenger bookings.

In the six months to the end of March, pre-tax losses narrowed to £6m from £7m in the same period a year earlier, with revenue up 38% to £73.2m. Group booked total transaction value was 28% higher at £495m. This was driven by increases in passenger bookings and a rise in the average value of holidays sold, the company said.

Earnings before interest, tax, depreciation and amortisation rose 11% to £4.1m.

OTB hailed a continued strong performance in its key expansion areas, underpinned by ongoing market recovery in 3-star holidays. It also said the recovery of the travel sector post pandemic has continued and that it experienced a typical peak booking period in January.

Chief executive Simon Cooper said: "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.

"This was supported by our largest ever offline marketing campaign, 'The most wonderful time of the year', which included sponsorship of ITV's Masked Singer and the Magic Radio breakfast show. This marketing effort also delivered the group's highest ever top 3 brand consideration score, despite a more aggressive competitive environment."

At 0940 BST, the shares were down 18% at 104.16p.