On the Beach takes profit hit in wake of Thomas Cook collapse

Figures revealed in the OTA’s preliminary results for the year ending 30 September show the company made £19.4 million in group profit before tax, down from £26.1 million in 2018.

However, adjusted figures, which it says provides a “fair, balanced and understandable view” of underlying performance, show a group gross profit increase of 7% and group profit before tax rise of 3%.

The company’s cash at bank – the sum of all coins, currency and other unrestricted liquid funds placed on deposit – was £54.8 million at the year end, up from £47.3 million.

Excluding the Cook impact, its cash at bank would have been £62 million.

“In what has been a difficult general economic climate with the prolonged uncertainty regarding Brexit and the related currency impacts, I am pleased with the group’s performance with significant progress made against our strategic objectives while delivering a 3% increase in group adjusted profit before tax, in line with market expectations,” said Simon Cooper, chief executive of the On the Beach Group.

“Following the failure of Thomas Cook Group, all teams across our business responded exceptionally to ensure that customers were either rebooked or refunded in the shortest possible time while maintaining high-quality customer care."