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(Alliance News) - On the Beach Group PLC on Thursday said that the continuing impact of Covid-19 on trading had led to it suffer a pretax loss and revenue decline in annual results.
For the year ended September 30, the Manchester-based travel retailer reported a narrowed pretax loss of GBP36.7 million, a 21% reduction from GBP46.3 million the previous year.
Revenue was down 37% to GBP21.2 million from GBP33.7 million the previous year.
Adjusted earnings before interest, tax, depreciation and amortisation swung to a loss of GBP11.1 million from a GBP6.9 million profit the previous year.
On the Beach cited low booking volumes throughout the UK lockdown and dampened consumer consumer confidence as a result of "complex and inconsistent rules" coupled with "expensive testing costs" for the decrease.
The company added that its decision in May to suspend new bookings for holidays departing before September had also contributed to the drop in revenue.
On the Beach said it was too early to know what the impact of the Omicron variant would have on future restrictions and demand but said it had "well-rehearsed" plans to deal with any potential disruption.
The company said, in light of the continued market uncertainties, it would continue its suspension of full year guidance figures until the overall impact of Covid-19 became clearer.
In line with the previous year, no final dividend was declared for 2021.
Chief Executive Simon Cooper said: "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. Whilst 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 shape of recovery for the sector remains uncertain due to the continued Covid-19 evolution and subsequent governmental responses. 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."
Shares in On the Beach were down 2.5% at 237.50 pence on Thursday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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