On the Beach Group (LSE:OTB), the online travel agent, has swung to a full-year profit and announced that its CFO Sim Morton will replace Simon Copper as CEO sometime in the next 12 months.
The company reported pre-tax profit of £14.1mln for the 12 months to 30 September 2022, compared to a loss of £18.4mln last year, although it was still less than 2019 profits of £34.5mln.
Full-year revenues jumped to £144.3mln, up from £30.5mln in 2021 which was “severely impacted by a series of lockdowns and complex rules and requirements for travel.”
In the results statement, CEO Cooper commented: "Despite a number of well-documented headwinds faced by the entire industry, including the disruption caused by Omicron in the key booking period of January, the Group reported double-digit growth in Group Sales, returned to profitability and exited the year in a strong cash position."
"This success is largely as a result of the investments we have made in the last 12 months across our brand, technology and customer proposition," he added.
Looking forward, the company said it is unclear how the cost-of-living crisis will impact consumer behaviour in 2023. However, it remains confident that it is in a favourable position for growth thanks to “foundations laid over the past 12 months, including investment in brand, technology and customer proposition.”
“Whilst winter and specifically January remains a key trading period for us, we have started the new financial year with a healthy forward order book for Summer 2023,” Cooper added.
Additionally, On The Beach announced that Elaine O’Donnell will become its senior independent director and Justine Greening will become chair of the remuneration committee effective 27 January 2023.