On the Beach Group (OTB) is looking to grow its long-haul holiday offering in 2022 through both its OTB and Classic brands.
In full-year 2021 results, the U.K.-based package trip specialist reported revenue of £21.2 million compared with £33.7 million in 2020 and £104 million in £2019.
For the On the Beach brand, revenue was £13 million in 2021 compared to almost £16 million in 2020.
The brand reported an operating loss of £29 million and an EBITDA loss of almost £19 million.
Simon Cooper, founder and chief executive of OTB, says moves made in the past 12 months had “laid strong foundations for the group in the year ahead.”
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In the company’s annual report, he adds: “We have re-architected our core booking paths, enabling quicker future development and the addition of diverse sites from all geographies. We have built new capabilities to support long haul and scheduled airlines, allowing new suppliers to be added at pace.”
He also says OTB's focus is on optimizing the company’s data platform to increase personalization and drive customer lifetime value.
Over the course of the past two years, On the Beach raised more than £90 million through two separate share placings.
OTB says that as of the end of September 2021, it had £56 million in cash and an undrawn credit facility of £75 million.
The annual report also highlights exceptional items in 2021 of £10 million, which is attributed to the estimated impact of COVID-19 and related cancellations. The figure compares to £42 million in 2020.
The company announced in May of last year that it would not be selling holidays for summer 2021 because of the continued uncertainty around the virus.