DAVY VIEW

On The Beach announced today that FY26 adjusted PBT will fall in the upper half of its guided range at £22-23m (previously £18-25m), in line with consensus (consensus: £22m, Davy: £23m). Strong late bookings in the summer resulted in 4% bookings growth recovering from only 1% ahead in May. Full year bookings growth of 9% was recorded and total transaction value was up 6%. It is closing the year with £60m in cash and a debt-free balance sheet following returning 15% of the share capital to shareholders in the last two years. Booking momentum is continuing into FY27 with bookings +17% to date. The company has issued FY27 guidance of adjusted PBT in the range of £28-35m (consensus: £30m, Davy: £32.5m).