On The Beach Group PLC on Thursday reported that pretax loss had swung to a profit as it announced that Chief Executive Officer Simon Cooper is set to be replaced by Chief Financial Officer Shaun Morton.

The Manchester-based online travel agent said pretax profit for the year ended September 30 was £2.1 million, swinging from a loss of £36.7 million the year prior.

On The Beach reported that revenue for financial 2022 was £144.1 million, multiplying from £21.2 million a year ago, travel restrictions were removed in financial 2022 after Covid-19 cut holiday demand in financial 2021 and the first four months of financial 2022. The company did not declare a final dividend for financial 2022.

The company also said that holiday booking values were 31% higher than pre-Covid financial 2019 levels.

‘2022 has been a year of strategic progress for the group. Despite a number of well-documented headwinds faced by the entire industry, including the disruption caused by Omicron in the key booking period of January, the group reported double-digit growth in group sales, returned to profitability and exited the year in a strong cash position,’ Chief Executive Officer Simon Cooper said.

On The Beach also announced that it had appointed current CFO Shaun Morton as the new CEO, to replace the outgoing Simon Cooper.

Cooper will step down as CEO within the next 12 months, the company said. Morton, CFO of the company since 2020, will become CEO when the company has hired a CFO to work alongside the new CEO.

Cooper will remain on the company’s board as a non-executive founder director.

‘I am confident that after working closely with Shaun on the strategic direction and initiatives of the group over the last few years, he is the right person to lead the business through its next phase of growth,’ Cooper said.

On The Beach shares were down 10% at 112.20 pence per share on Thursday morning in London.

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