Revenues at travel group On The Beach (LON:OTB) rose by a fifth in the year to September, sending shares up over 7 percent in early morning trading.
The group recorded a 17.2 per cent rise in revenues during the year, with group adjusted profits before tax also rising by 33.8 per cent to £28.5 million. EBITDA rose 30.3 per cent to £32.7 million in the UK, with the group finishing the year with net external cash of £33 million.
On The Beach completed their acquisition of rival site Sunshine.co.uk Limited in May, which is now fully integrated onto the OTB platform. Plans to expand into their third international market, Denmark, are well under way, supported by strong revenue growth.
Looking forward, Simon Cooper, Chief Executive of On the Beach Group plc, commented:
“We remain confident in the resilience and flexibility of our business model to capitalise on any structural changes in the market. On the Beach continues to successfully build a leading position as more consumers discover the ease of use and wide choice of beach holidays that our platforms offer.
“The Board is pleased to report that current trading is in line with expectations and believes the business is well positioned for the key trading period that commences in late December and continues into Q1 2018.”
Shares in On The Beach are currently trading up 6.52 percent at 425.00 (1044GMT).