In a trading update issued on Friday (9 August), the OTA said the group anticipated delivering full-year performance “below the board’s expectations”.
On the Beach said its flexible model built on dynamic rather than currency-hedged pricing meant it was more susceptible to the impact of currency fluctuations and aggressive pricing by competitors.
“With the increased likelihood of a no-deal Brexit, sterling has significantly devalued against the euro since the beginning of May and this accelerated at the end of July, continuing into August,” the note read.
