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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  On the Beach Group plc    OTB   GB00BYM1K758

ON THE BEACH GROUP PLC

(OTB)
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On Beach : hit by cancellations as COVID curbs continue

11/09/2020 | 03:02am EST

* Expects cancellation rates over 90% in winter

* Says annual adjusted pretax profit at breakeven levels

* Shares up 2%

Nov 9 (Reuters) - Package holiday provider On The Beach saw more than 90% of bookings cancelled over the summer and expects a similar rate this winter as the COVID-19 crisis continues to hammer tourism.

Nationwide lockdowns in France, Germany and Britain, as well as restrictions in other European countries, have led airlines to slash their flights for the autumn.

TUI, the world's largest travel company, has already reduced capacity for winter.

"It is clear now that the full impact of COVID-19 will be every bit as extreme as any of us could have mapped out at the beginning of the year," On The Beach (OTB) Chief Executive Simon Cooper said in a trading update.

The company said, however, that it had already refunded 160 million pounds ($210 million) to customers and had 44 million pounds of cash on hand, as well as an unused 75 million pounds in available credit.

After an initial dip, its shares rose 2.3% in morning trade.

"On the Beach has preserved its cash pile and continues to invest in its platform, while the rest of the travel industry tries to squeeze a quart of cash burn out of a pint pot of remaining cash resources," said analysts from brokers Peel Hunt.

OTB also said it had received 79 million pounds from airlines for cancelled flights and was awaiting a further 11 million in refunds.

It reported booking volumes down 75% and 53% in the third and fourth quarters of its fiscal year respectively. OTB's financial year ended on Sept. 30.

The company said it expected adjusted pretax profit for that year to be around break even, but that it would book around 45 million pounds in exceptional costs.

($1 = 0.7587 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ON THE BEACH GROUP PLC 1.48% 377.0152 Delayed Quote.-0.27%
TUI AG 1.14% 4.547 Delayed Quote.-13.42%
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Financials
Sales 2021 105 M 143 M 143 M
Net income 2021 2,30 M 3,14 M 3,14 M
Net cash 2021 59,5 M 81,3 M 81,3 M
P/E ratio 2021 58,2x
Yield 2021 0,12%
Capitalization 585 M 796 M 799 M
EV / Sales 2021 5,01x
EV / Sales 2022 3,40x
Nbr of Employees 500
Free-Float 98,4%
Chart ON THE BEACH GROUP PLC
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On the Beach Group plc Technical Analysis Chart | OTB | GB00BYM1K758 | MarketScreener
Technical analysis trends ON THE BEACH GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 401,11 GBX
Last Close Price 371,50 GBX
Spread / Highest target 34,6%
Spread / Average Target 7,97%
Spread / Lowest Target -16,6%
EPS Revisions
Managers and Directors
NameTitle
Simon Matthew Cooper Chief Executive Officer & Director
Richard John Pennycook Non-Executive Chairman
Shaun Morton Chief Financial officer & Director
Stefan Nordin Chief Technology Officer
David Thomas Kelly Senior Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ON THE BEACH GROUP PLC-0.27%796
TUI AG-13.42%5 983
FUJI KYUKO CO., LTD.-0.21%2 456
MADISON SQUARE GARDEN ENTERTAINMENT CORP.-3.37%2 450
CORPORATE TRAVEL MANAGEMENT LIMITED-7.54%1 699
CINEWORLD GROUP PLC3.12%1 236