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On The Beach issues profits warning
Fears of a no-deal Brexit and a fall in the pound have led On The Beach to issue a profits warning.
Shares in On The Beach fell by over 20% on Friday morning after the company said full-year profits would be ‘below the board’s expectations’.
As a smaller travel firm, On The Beach does not hedge against currency movements and the company said ‘weakening of sterling leads to a significant increase’ in prices, which are passed on to customers.
"These relative price increases make it difficult for the group to gain share of market while maintaining margins," On The Beach said.
Chief executive Simon Cooper said: "In what is a difficult general economic climate, we remain confident in the resilience and flexibility of our business model, focusing on profitable growth and an ability to capitalise on any structural changes in the market."
"In full-year 2019 we have invested significantly in our infrastructure, talent and technology to ensure that we build strong foundations to support our strategic objectives."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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