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On The Beach profits at breakeven levels after 90% holiday cancellations in summer
StockMarketWire.com
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Holiday package provider On The Beach's adjusted profits before tax is at breakeven levels after more than 90% of bookings were cancelled over the summer, but the company said its balance sheet is robust.
According to its results for the 12 months to 30 September 2020, the company recorded exceptional costs of £10 million ($13.18 million) in the second half, and expects it to total £45 million for the year.
On 6 November, the group had £44 million in cash excluding customer pre-payments which are held in a ring-fenced trust account. Its cash figure will increase as it continues to receive monies - estimated at £11 million - from airlines for cancelled flights where On The Beach has already provided customer refunds.
In May, the group received £65 million net of fees for a 19.9% share placing of the group's capital.
The board continues to believe that the strength of the company's balance sheet and flexible business means it is well-positioned to sustain more disruption and grow market share as demand for holidays recovers.
Story provided by StockMarketWire.com
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