(Sharecast News) - Online holiday retailer On the Beach said on Thursday that said both group revenues and profits had improved year-on-year amid a bounce back in travel demand but also failed to match levels seen in 2019's pre-Covid trading year.
On the Beach said adjusted revenues had surged from £30.5m in 2021 to £144.3m in 2022 and also posted a group pre-tax profit of £14.1m, a marked improvement from the prior year's adjusted pre-tax loss of £18.4m.
However, the London-listed group fell short of 2019's adjusted group revenues of £147.5m and pre-tax profit of £34.5m despite the removal of travel restrictions and the simplification of the overall travel process.
OTB added that whilst it was "unclear" how the cost of living crisis will impact consumer behaviour in 2023, it stated it was confident that foundations laid over the past 12 months had positioned the group "favourably" for another year of growth in 2023.
Separately, On the Beach said founder and chief executive Simon Cooper will step down from the role at some point within the next 12 months and be replaced by current chief financial officer Shaun Morton.
"The timing of Shaun's appointment as CEO is dependent on the recruitment of an experienced CFO to work alongside Shaun to deliver the group's growth strategy. Upon stepping down as CEO, Simon will remain on the board as a non-executive founder director," said On the Beach.
As of 0845 GMT, OTB shares were down 3.84% at 120.20p.
Reporting by Iain Gilbert at Sharecast.com
On The Beach (OTB)