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On The Beach Group PLC - Manchester-based online retailer of beach holidays - Interim results fall short of market expectations, despite improving from the previous year. In the six months ended March 31, group revenue rises 38% year-on-year to GBP73.2 million from GBP52.9 million. The company says the increase in revenue is due to higher booking volumes and average booking values. Booked total transaction value rises 28% to GBP495.0 million. Less impressively, pretax loss narrows to GBP6.0 million from GBP7.0 million.
The bottom-line "disappoints" according to Davy Research, saying On The Beach has focused on growth rather than profitability. However, OTB says it is confident its upfront investment into the brand and position will ensure top and bottom-line growth in the second half. Looking ahead, company says trading momentum has continued since April 1.
Chief Executive Officer Simon Cooper says: "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."
Current stock price: 111.64 pence each, down 12% on Tuesday afternoon in London
12-month change: down 49%
By Xindi Wei, Alliance News reporter
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