The fiscal year 2023 has proven to be a successful one for On the Beach Group, as they have experienced a rise in profit due to the recovery of travel trends. The U.K. online holiday retailer reported a 26% increase in the total transaction value of holidays booked in the first nine weeks of the new fiscal year compared to the previous year. This positive momentum has bolstered their confidence as they approach the key booking period in Q2, leading them to predict that Summer '24 will surpass Summer '23.
For the year ending on September 30, the group's pretax profit reached £12.9 million, a substantial increase from £2.2 million the previous year. Furthermore, adjusted pretax profit, which excludes exceptional and other one-off items, rose to £23.6 million driven by growth in the U.K. websites segment and reduced proportional marketing spend. The group also reported a growth in revenue from £143.4 million to £170.2 million.
While the group did not recommend a dividend for this year, they anticipate reinstating a payout for fiscal 2024 in line with their capital allocation policy.
Overall, On the Beach Group is progressing strongly into fiscal 2024, fueled by positive financial results and a promising outlook for the upcoming year.
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