On the Beach has reported a 66% fall in revenues for the first half of the year, as demand falls amid the Coronavirus pandemic.
Due to falling demand and a surge in cancellations, pre-tax profit fell from £13.4m to £2.3m and revenues fell two thirds to £21.4m.
“On the Beach continues to successfully build a leading position as more consumers discover the ease of use and wide choice of beach holidays across our platforms,” said Simon Cooper, the group’s chief executive.
“The flexibility and asset light nature of our business model together with our recently strengthened balance sheet and the actions we have taken since the middle of March means we are well placed to capitalise on the inevitable structural changes in the market post Covid-19. As a result, the board continues to look to the future with confidence,” he added.
Bookings remain low for 2021, however remain stronger than this year so far thanks to the early release of flights next year by most airlines.
The group’s chief financial officer has resigned. Paul Meehan will step down 17 July to “pursue other business interests”.
“I have very much enjoyed my time with On the Beach and feel that now is the right time to concentrate on and pursue other business interests,” said Meehan.
“I have worked closely with Shaun since he joined the group and I believe he is well-placed to take over the CFO role and deliver on the next phase of OTB’s growth,” he added.