Travel group On the Beach Group (LSE:OTB) enjoyed record-breaking customer volumes in the financial year ending September 30, with summer 2024 passenger numbers up 13% compared to the previous year.
Winter 2024 bookings are also currently at record levels, rising 25% year-on-year as Brits seek out warmer European climes.
OTB partially attributed the strong numbers to its partnership with Ryanair Holdings PLC (LSE:RYA).
Ryanair announced the partnership in May as part of its crusade against what the airline labels ‘pirate’ online travel agents.
Ryanair selected OTB as an ‘approved OTA’, providing what OTB’s chief executive Shaun Morton called at the time “a blueprint for how the industry can work together to ensure consumers have choice and free, fair access to flights across the market”.
Commenting on the latest results, Morton said: “This performance was driven by a combination of initiatives, including the successful integration with Ryanair, ongoing investment in our proprietary technology platform and further enhancements to our differentiated customer proposition.
“The partnership has facilitated an improved customer journey for those booking Ryanair flights as part of an OTB package, whilst enabling increased operational efficiency and a greater focus on areas of strategic value.
“What's more, the agreement and significant upgrades to our technology have supported a doubling of our addressable market, following the addition of city breaks to our offering alongside planned investment in Ireland.”
OTB’s group revenue increased by 14% to £128 million and adjusted profit before tax rose by 25% to £31 million.
A 2.1p-per-share dividend was declared.
On The Beach also launched a share buyback programme through which the company will acquire £25 million of shares, paid out of its £96 million, debt-free cash reserve.