Sunseekers’ summer storm saves On The Beach after the pandemic suffered a loss of £ 34.1 million
Families in a hurry to book vacations have been lifted On the Beach as lock restrictions begin to ease.
After a dismal few months after the coronavirus outbreak, the group reported a ‘significant’ rise in demand since mid-June.
The improved outlook came as On the Beach fell to a half-year loss after the canceled trips caused a loss of £ 34.1 million in the six months to March 31 against a profit of £ 11.9 million a year earlier.
Here comes the sun: After a dismal few months after the coronavirus outbreak, On the Beach reported a ‘significant’ rise in demand since mid-June
Before the crisis, the demise of rival Thomas Cook had increased summer activities by 29 percent. But bookings dried up and cancellations piled up.
Bookings for the following summer remain low, although significantly higher than a year earlier, as airlines released flights early in an attempt to get trade back on track after the lockdown.
On the Beach recently attracted shareholders for £ 65 million to emerge stronger from the coronavirus crisis.
It also increased its existing overdraft, with a £ 25 million credit facility with Lloyds Bank. Shares in the group fell 2.5 percent or 7.5 pence to 294.5 pence.