Last checked at 22 Oct 2019 07:00
22 October 2019
On the Beach Group plc
("On the Beach", "OTB", the "Company" or the "Group")
Full Year Trading Update
On the Beach Group plc (LSE: OTB.L), the UK's leading online retailer for beach holidays, today announces an update on trading for the 12 months to 30 September 2019 ahead of announcing its Preliminary Results on 27 November 2019.
Further to the announcement on 09 August 2019, trading has remained in line with management's revised expectations for the full year.
The compulsory liquidation of Thomas Cook Group ("TCG") on 23 September 2019 has had a significant impact on the package travel industry. For On the Beach, this has created an unprecedented opportunity to take additional market share at an increased rate. As a result, the Group has started to strategically increase its marketing investment both online and offline to attract new customers to onthebeach.co.uk, sunshine.co.uk, Classic Collection and Classic Package Holidays, and is well positioned across all channels. The Group will update shareholders further on release of the Preliminary Results.
Simon Cooper, CEO of On the Beach Group plc, said:
"I would like to thank all teams across the business for their exceptional response following the compulsory liquidation of TCG in ensuring that customers were either re-booked or refunded in the shortest possible time whilst maintaining our high quality customer experience standards. On the Beach has an exciting opportunity to significantly increase its market share over the short to medium term by leveraging its strong brand and core capabilities."
For further information:
On the Beach Group plc Simon Cooper, Chief Executive Officer Paul Meehan, Chief Financial Officer
| via FTI Consulting |
FTI Consulting Jonathon Brill Alex Beagley Fiona Walker Sam Macpherson
| Tel: +44 (0)20 3727 1000 |
About On the Beach
With over 20% share of online sales in the short haul beach holiday market, we are one of the UK's largest online beach holiday retailers. We have significant opportunities for growth and a long-term mission to become Europe's leading online retailer of beach holidays. By using our innovative technology, low-cost base and strong customer-value proposition to provide a structural challenge to legacy tour operators and online travel agents, we continue our journey to disrupt the online retail of beach holidays. Our model is customer-centric, asset light, profitable and cash generative.
Cautionary statement
This announcement may contain certain forward-looking statements with respect to the financial condition, results, operations and businesses of the Company. Forward looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'will', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal' or 'estimates'. These forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements, including factors outside the Company's control. The forward-looking statements reflect the knowledge and information available at the date of preparation of this announcement and will not be updated during the year. Nothing in this announcement should be construed as a profit forecast.