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On The Beach FY sales grow against pre-Covid comparative

Tue 25 Oct 2022 07:13

(Sharecast News) - Online holiday retailer On the Beach said on Tuesday that full-year sales had grown against pre-pandemic levels despite the Omicron Covid-19 variant "heavily" impacting group Sales in November and December. On the Beach said group sales were 25% ahead of those seen in the second half of 2019, despite the indirect consequences of the war in Ukraine and ongoing disruption across the travel supply chain as the sector continued to recover from the pandemic.

Over the full year, group sales were up 16% even as consumer demand in H1 remained "materially below" levels seen in the pre-pandemic first half of 2019.

On the Beach stated that improved access to a broader hotel portfolio also saw its five-star holiday sales surge 83% compared to 2019.

Chief executive Simon Cooper said: "I am pleased with the group's performance in what was another disrupted and unpredictable year.

"Despite the tougher trading conditions at the end of the year, the strength of the group's balance sheet ensures we are well placed to deliver further strategic progress in FY23, and the board will continue to appraise opportunities for growth."

As of 0950 BST, On the Beach shares were down 3.46% at 89.30p.

Reporting by Iain Gilbert at Sharecast.com

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