On the Beach swings to interim loss amid "challenging environment"

(Alliance News) - On the Beach Group PLC shares slumped on Tuesday as it reported half-year earnings were hit by "competitive pricing" and a later booking profile in the travel sector.

On the Beach Group shares slumped 17% to 140.40 pence each in London on Tuesday morning.

The Manchester, England-based package holiday firm said it swung to a pretax loss of GBP3.2 million in the six months to March 31, from profit of GBP4.5 million. Revenue fell 12% to GBP52.2 million from GBP59.4 million a year prior.

On the Beach put the revenue fall down to "competitive pricing given the challenging environment, and an industry-wide later booking profile". The firm said customers are booking "higher value summer holidays closer to departure".

Booking volumes in the half year rose 7% to 324,000, "significantly ahead of the market".

On the Beach maintained its interim dividend at 1.0p per share.

Looking ahead, it said it "continues to trade profitably and generate cash".

"Although demand remains more subdued as a result of the conflict in the Middle East, booking activity has stabilised to a more consistent trading pattern since the half year," the firm added.

Bookings over the past six weeks are up 9% on-year.

On the Beach said it is confident in achieved adjusted pretax profit in the range of GBP18 million to GBP25 million. For the half-year, adjusted pretax profit fell to GBP2.3 million from GBP8.4 million.

In the prior year, it achieved annual adjusted pretax profit of GBP35.0 million.

On the Beach in March pulled guidance for adjusted pretax profit, which at the time it put between GBP39 million to GBP43 million.

Chief Executive Shaun Morton said: "Experience tells us that consumers value their summer holiday incredibly highly and I am confident that On the Beach is well placed to satisfy this demand and deliver a solid summer trading performance."

By Eric Cunha, Alliance News news editor

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