On the Beach Group (OTB) H2 2024 earnings summary

Executive summary

• Sales and TTV reached £1.2bn, up 15% year-over-year, with bookings up 13% and record summer volumes.

• Adjusted profit before tax rose 25% to £31m; reported PBT up 84% to £26.5m despite £3m Ryanair disruption costs.

• Strong cash generation and balance sheet, ending with £96m cash and a final dividend of 2.1p per share; £25m share buyback announced.

• Transformational Ryanair partnership, major technology upgrades, and expansion into city breaks and Ireland.

• Medium-term ambition to double sales to £2.5bn and adjusted PBT to £85m.

Financial highlights

• Statutory revenue grew 14% year-over-year to £128.2m; adjusted revenue up 9% to £123.4m, reflecting Ryanair refund settlement.

• Adjusted EBITDA grew 18% to £38.0m, including £1.7m from B2B operations.

• EBITDA margin improved by 3.5% after adjusting for Ryanair-related costs; B2C margin at 31.7%.

• Cash position increased by £20.4m to £96.2m; trust balance up £30.9m to £139.5m.

• Final dividend of 2.1p per share, full year 3.0p per share, in line with policy.

Outlook and guidance

• Bookings up 15% and TTV up 14% year-to-date; winter '25 bookings up 25%.

• Board confident in delivering FY25 adjusted PBT of £37.9m, in line with consensus.

• Early summer '25 bookings indicate performance will be significantly ahead of summer '24.

• Forward order book at record levels.