On the Beach Group anticipates surpassing 2023’s record summer performance.
- The company reports a 27% year-on-year increase in peak period transactions.
- Focus remains on competitive pricing and market share growth.
- Investments in brand and platform aim to drive further success.
- CEO Shaun Morton expresses confidence in ongoing consumer demand.
On the Beach Group is poised to exceed its remarkable performance from the summer of 2023. The company has forecasted a substantial increase in its operations for the upcoming summer, driven by a strategic focus on competitive pricing and capturing market share. This forward-thinking approach is backed by a reported growth of 27% in total transaction values (TTV) during peak periods compared to the previous year.
The company’s annual general meeting highlighted a significant momentum that has continued into the current financial year (FY24). With a record forward order book, On the Beach is optimistic about maintaining this growth trajectory. The group is strategically pricing its offerings to attract a larger customer base in a burgeoning market segment, aligning with market expectations for a profit of £30 million in FY24.
Investments in On the Beach’s brand and platform have been pivotal in differentiating its offerings, as the company aims to maintain year-on-year growth across its core and emerging sectors. This strategy includes an ambitious expansion into long-haul travel, contributing to the growth of its business-to-consumer (B2C) services.
Group Chief Executive Shaun Morton attributed the company’s sustained growth to strategic investments in their proprietary platform and enhanced customer propositions. He asserted that holidays are now seen as essential expenditures by consumers, which has bolstered the company’s confidence in surpassing last year’s summer success. Morton stated, “We believe this is due to a combination of realising our investments across our proprietary platform, brand, and customer proposition and consumers continuing to prioritise holidays, viewing it as non-discretionary expenditure.”
Winter bookings for 2023 have already surged 34% compared to the previous year, reinforcing the board’s optimism. These trends signal a promising outlook for summer 2024, expected to outperform the achievements of summer 2023 significantly.
On the Beach’s strategic initiatives and market positioning are set to drive unprecedented growth for the upcoming summer season.
