- On The Beach Group
- 02 December 2025 12:46:07
Source: Sharecast
The company reported that total transaction value (TTV) was up 11% at an all-time high of £1.23bn, with revenues rising 6% to £121.4m and repeat customer bookings and app monthly actives users up 18% and 58%, respectively.
Shares, up nearly 13% on the day at 217.5p by 1231 GMT, have still fallen 13% since the start of the year (as of Monday's close) on the back of a series of downgrades – something which Shore Capital said "leave[s] us questioning whether management's targets [...], reiterated this morning, are still realistic".
The company is targeting TTV of £2.5bn, EBITDA of £100m and adjusted pre-tax profits of £85m over the medium term. That's up from £1.23bn, £40.3m and £35.0m for the year to 30 September 2025, respectively.
"Note that targets were set out in Dec 2024, with a medium-term target that, to our minds, implies 2028 and so more than doubling the business," Shore Capital said.
"Whilst valuation, EV/EBITDA <5x, appears attractive and we continue to like the cash-fuelled balance sheet, we believe there is execution risk with new ventures, as well as a difficult trading backdrop of growing competition and low consumer confidence. We believe this nervousness is also reflected in the shares being off by c.25% year-to-date," the broker said.