4.4 C
London
Wednesday, January 19, 2022

News: On the Beach Group prepares for 2022 recovery

- Advertisement -
- Advertisement -

On the Beach Group has seen losses narrow as it reports its financial results for the year.

The company, which took trips off sale for the majority of the summer, reported a loss of £37 million for financial 2021, compared to a loss of £46 million the previous year.

Revenue also fell, down to £21 million in 2021 from £33 million in 2020.

Simon Cooper, chief executive of On the Beach Group, commented: “The disruption caused by Covid-19 has lasted longer than anyone would have anticipated, and the travel industry has been, and continues to be, one of the hardest hit.

“While our trading performance has clearly suffered, our successful placing this year is testament to the support from our shareholders who see the long-term value of On the Beach and it ensures we are well positioned as the market starts to normalise.”

The company said it had £56 million on hand at the end of September, excluding £39 million of customer monies held in a ring-fenced trust account.

“The shape of recovery for the sector remains uncertain due to the continued Covid-19 evolution and subsequent governmental responses,” added Cooper.

“The flexible, asset light nature of our business model and use of our ring-fenced trust account, alongside the work the team has done over the last year, means we are ready for 2022.”

- Advertisement -
Latest news

Eagles RB Sanders to play 3 weeks after surgery

play3:06 PM ETTim McManusESPN Staff Writer PHILADELPHIA -- Philadelphia Eagles running back Miles Sanders will play in Sunday's wild-card playoff game against the Tampa...
- Advertisement -

New technology gives new tools “to those who want to do harm”, warns EU’s counter-terrorism chief

By Pedro Sacadura  •  Updated: 14/01/2022 - 18:57 ...

Egypt and Liverpool fans hope for their own Mo Salah happy resolutions

Kresimir Rezic turning the tables in the Saudi Pro League as he pulls off a miracle at Damac RIYADH: The Saudi Pro League is no...
Related news

Eagles RB Sanders to play 3 weeks after surgery

play3:06 PM ETTim McManusESPN Staff Writer PHILADELPHIA -- Philadelphia Eagles running back Miles Sanders will play in Sunday's wild-card playoff game against the Tampa...

New technology gives new tools “to those who want to do harm”, warns EU’s counter-terrorism chief

By Pedro Sacadura  •  Updated: 14/01/2022 - 18:57 ...

Egypt and Liverpool fans hope for their own Mo Salah happy resolutions

Kresimir Rezic turning the tables in the Saudi Pro League as he pulls off a miracle at Damac RIYADH: The Saudi Pro League is no...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here