On the Beach Group plc (OTB.L), an online package holiday specialist, on Tuesday reported that fiscal 2024 Group profit before tax surged 84 percent to 26.5 million pounds from last year's 14.4 million pounds.
Basic earnings per share grew to 12.1 pence from 7.2 pence last year.
Adjusted profit before tax increased 25 percent to 31.0 million pounds from prior year's 24.8 million pounds. Adjusted basic earnings per share were 14.1 pence, compared to 12.0 pence a year ago.
Revenue increased 14 percent to 128.2 million pounds from last year's 112.1 million pounds.
Total transaction value or TTV went up 15 percent to 1.2 billion pounds from prior year's 1.0 billion pounds.
Further, On The Beach announced fiscal 2024 final dividend of 2.1p per share, while no dividend was paid last year. The full year dividend would be 3.0p per share.
The company also announced buyback of up to 25 million pounds, reflecting Board's confidence in the strategy and business model.
Regarding the current trading, On The Beach noted that fiscal 2024 growth has continued into the new financial year with year-to-date TTV up 14 percent and bookings growth of 15 percent versus the prior year.
The Board is confident in delivering fiscal 2025 adjusted profit before tax in line with the Company-compiled consensus estimate of 37.9 million pounds.
Over the medium term, the company projects to double TTV to 2.5 billion pounds, achieve EBITDA of 100 million pounds and adjusted profit before tax of 85 million pounds.
In London, On The Beach shares were gaining around 11 percent to trade at 190.56 pence.
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