(Alliance News) - On The Beach Group PLC on Tuesday hailed an uptick in passenger numbers, after seeing pretax profit jump over the course of the financial year.
On The Beach Group is a Manchester, England-based travel company. Shares in the firm were up 15% at 135.00 pence each in London on Tuesday morning.
For the twelve months ended September 30, the company reported pretax profit of GBP12.9 million, up from GBP2.2 million a year prior. Group operating profit was GBP10.3 million, up from GBP2.7 million.
Revenue rose 19% to GBP170.2 million from GBP143.4 million the previous year.
On The Beach celebrated strong demand for holidays across its core addressable market and strategic expansion areas, with growth in passenger numbers. It stressed that its performance during the summer was "especially pleasing", with passenger numbers for those holidays departing between May and October up 13% on the prior year.
The group also said that it has continued to focus on improving the operational efficiency of its cost base, with marketing costs reducing as a percentage of revenue versus the prior year, and admin expenses as a percentage of revenue in line with the prior year.
The board did not recommend a final dividend for financial 2023. However, it does intend to reintroduce a dividend for the next financial year, based on a return to "normal market conditions" and a "sustainable cash generative business model".
By Holly Beveridge, Alliance News reporter
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On The Beach (OTB)