On the Beach’s share price rose by more than 10 per cent today after the travel firm unveiled double-digit sales and profit growth.
For the year ended 30 September, group revenue climbed 17.2 per cent, up from £71.3m to £83.6m. Profit before tax jumped 24.9 per cent, rising from £16.9m to £21.1m.
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At time of writing, On the Beach's share price was up 10.5 per cent to 441p.
Why it's interesting
The business said its success was down to its flexible business model.
On the Beach said the takeover will provide efficiencies in its online marketing, reducing its spend as a percentage of revenue from 45 per cent to 41 per cent.
What On the Beach said
Simon Cooper, chief executive of On the Beach, said: “We remain confident in the resilience and flexibility of our business model to capitalise on any structural changes in the market.”
"On the Beach continues to successfully build a leading position as more consumers discover the ease of use and wide choice of beach holidays that our platforms offer."