On The Beach to ramp up marketing spend in wake of Thomas Cook's collapse
Cheshire-based On The Beach is to ramp up its marketing spend in a bid to build market share following the collapse of Thomas Cook.
The listed online travel firm said the demise of Thomas Cook - which went into administration last month after 178 years in business - had created an "unprecedented opportunity to take additional market share at an increased rate".
It said it had increased investment in marketing both online and offline in an attempt to attract new customers to its brands, which include onthebeach.co.uk, sunshine.co.uk, Classic Collection and Classic Package Holidays.
In a market update for the 12 months to September 30th, the Cheadle-headquartered company said that trading had remained in line with management’s revised expectations for the full year. It will provide a further update to shareholders on the release of its preliminary results for the year on November 27th.
Last year, it grew group revenue by 24.5% to £104.1million, with gross profit up 10.8% to £92.6m.
Chief executive Simon Cooper said: “I would like to thank all teams across the business for their exceptional response following the compulsory liquidation of TCG in ensuring that customers were either re-booked or refunded in the shortest possible time whilst maintaining our high quality customer experience standards.
“On the Beach has an exciting opportunity to significantly increase its market share over the short to medium term by leveraging its strong brand and core capabilities.”