On The Beach Group (OTB)

Sector:

Tourism and Leisure Services

Index:

FTSE Small Cap

372.00p
   
  • Change Today:
      6.50p
  • 52 Week High: 504.00
  • 52 Week Low: 210.00
  • Currency: UK Pounds
  • Shares Issued: 165.40m
  • Volume: 185,546
  • Market Cap: £615.29m

Revenues plunge at Covid-hit On the Beach

By Abigail Townsend

Date: Tuesday 15 Jun 2021

LONDON (ShareCast) - (Sharecast News) - On the Beach reported a plunge in half-year revenues on Tuesday, as Covid-19 travel restrictions continued to weigh heavily on the sector.
Sales at the online beach holiday specialist came in at £4.4m in the six months to 31 March, a 79% slump, while the adjusted pre-tax loss was £9.5m, compared to a pre-tax profit of £2.3m a year previously.

Adjusted revenues, which include the impact of Covid-related cancellations, were £12.0m against £52.8m a year previously.

The statutory pre-tax loss narrowed from £34.1m to £21.6m, however, on reduced costs and administrative expenses.

OTB attributed the half-year performance to "suppressed consumer demand".

"While the 2021 full-year was not expected to be a normal year for travel, the industry and the UK population did not foresee an extended lockdown and travel ban for the first six months of calendar 2021," it said.

"This has had a material impact on OTB's trading performance, due to low levels of consumer demand and a significant number of cancellations."

After the government unveiled its traffic light system for international travel in May, OTB announced it would extend its off-sale period for holidays to 31 August. With the exception of Portugal, which has since had its green status revoked, all major European holiday destinations were classified as amber.

OTB said it would return to selling summer 2021 holidays "as soon as there is more certainly that new holidays booked will take place without disruption or cancellation."

Booking volumes for next summer "remain low", it added, but were "significantly ahead of normal trading patterns".

Simon Cooper, chief executive, said: "The board believes that On the Beach is well-positioned to grow market share as demand for holidays recover.

"While this recovery is likely to take some time, and the consumer environment will continue to be challenging, the differentiating features of our business model, combined with the actions taken during the pandemic, position us very strongly for successful and sustained growth as we move out of this extended period of disruption."

He also welcomed the recent decision by the Competition and Markets Authority to investigate if airlines had broken consumer law by refusing to provide refunds on flights that customers could not legally take because of = restrictions.

"On the Beach has long championed the rights of both its customers and wider holiday consumers," he said. "It is pleasing to see increased regulatory scrutiny on the travel sector."

As at 1230 BST, shares in OTB were down 1% at 354.12p.

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OTB Market Data

Currency UK Pounds
Share Price 372.00p
Change Today 6.50p
% Change 1.78 %
52 Week High 504.00
52 Week Low 210.00
Volume 185,546
Shares Issued 165.40m
Market Cap £615.29m

OTB Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
28.51% below the market average28.51% below the market average28.51% below the market average28.51% below the market average28.51% below the market average
71.88% below the sector average71.88% below the sector average71.88% below the sector average71.88% below the sector average71.88% below the sector average
Price Trend
19.81% below the market average19.81% below the market average19.81% below the market average19.81% below the market average19.81% below the market average
8.33% below the sector average8.33% below the sector average8.33% below the sector average8.33% below the sector average8.33% below the sector average
Income
51.16% below the market average51.16% below the market average51.16% below the market average51.16% below the market average51.16% below the market average
51.72% below the sector average51.72% below the sector average51.72% below the sector average51.72% below the sector average51.72% below the sector average
Growth
51.56% below the market average51.56% below the market average51.56% below the market average51.56% below the market average51.56% below the market average
13.43% above the sector average13.43% above the sector average13.43% above the sector average13.43% above the sector average13.43% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 3
Sell 0
Strong Sell 2
Total 8
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

OTB Dividends

  Latest Previous
  Final Interim
Ex-Div 09-Jan-20 30-May-19
Paid 13-Feb-20 28-Jun-19
Amount 2.00p 1.30p

Trades for 24-Sep-2021

Time Volume / Share Price
16:37 3,799 @ 372.00p
16:35 43,010 @ 372.00p
16:29 2 @ 375.00p
16:29 23 @ 375.00p
16:29 70 @ 375.00p

OTB Key Personnel

CEO Simon Cooper

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