Revenues soar past £100m at online travel giant
Online travel agency On the Beach Group has published its latest financial results, revealing strong profit growth and annual turnover of more than £100 million.
The company generated group revenue of £104.1 million for the year ended 30 September 2018, up 24.5 per cent from £83.6 million a year earlier.
Profit before tax grew by 23.7 per cent to £26.1 million in the 12-month period.
CEO Simon Cooper said he was pleased with the group’s performance, which was achieved “despite the previously highlighted exceptionally hot weather that was prevalent over the summer in the UK and in the Nordics, which combined with the football World Cup, supressed holiday demand”.
“Whilst this impacted our headline revenue growth during the period, the weaker demand also drove a significant reduction in the group’s marketing spend, ensuring growth in revenue after marketing costs remained strong,” he added.
“This is further testament to On the Beach’s resilient and flexible business model.”
The results come just days after On the Beach Group officially opened its beach-themed office in Ancoats following a multimillion-pound design and re-fit.
The building contains a 250-seat auditorium, a games room and beach bar as well as break-out rooms and a virtual aquarium.
It also has a user experience testing lab and development team pods which are designed to promote agile working and innovation.
The online travel agent has relocated most of its business operations to former aircraft components factory the Aeroworks building. However its contact centre will remain at its previous HQ at Park Square in Cheadle, which is also set to undergo a major redesign.
In its statement accompanying its results this morning, On the Beach said new chief technology officer Stefan Nordin will help the company in its ambition to double the size of its digital capability over the next three to five years.