On the Beach Group (LSE:OTB) PLC’s shares jumped 13.6% to 118.18p as it said full-year profit will be at the top end of expectations, reflecting strong growth in bookings.
Shaun Morton, chief executive said: “We continue to leverage the benefits of the investments we have made in our proprietary technology platform, brand and proposition and I am pleased to see that this has driven growth in both the top and bottom lines during the second half of the year as planned.
“Alongside access to greater seat and bed capacity, this has resulted in our most successful summer, sending more passengers on their holidays than ever before,” he added.
In a trading update, the travel operator said total transaction value (TTV) in the year to 30 September 2023 is expected to show a rise of 26% to £1.1 billion, a record, driven by growth in volumes and average booking values.
As a result, group EBITDA is expected to be in line with market expectations and adjusted pre-tax profit at the top end of forecasts, benefitting from higher than anticipated interest income.
On The Beach expects Summer 23 passenger numbers to be 11% ahead of Summer 22, with Winter 23 currently 26% ahead of the prior year.
Bookings for Summer 24 are also significantly ahead of the prior year, it said.