On The Beach recovery impacted by Omicron variant

Package holiday group On the Beach said on Friday that it has begun to witness "green shoots of recovery" during Autumn 2021 but stated said recovery had been impacted by the spread of the Covid-19 Omicron variant.

On the Beach stated sales in September and October exceed levels seen before the Covid-19 pandemic in September and October 2019 before crashing on the back of the emergence of the Omicron variant and widespread travel restrictions that led to a marked drop in bookings.

The London-listed firm said full-year sales were up 389% year-on-year but had fallen 2% when compared to pre-pandemic levels.

On the Beach also added that it was now planning to increase market share as the firm emerges from the Covid-19 pandemic and aims to raise headcount and pour money into mass media marketing campaigns.

Chief executive Simon Cooper said: "After what has been a very difficult time for the travel industry, it has been incredibly pleasing to see consumer confidence and demand return in line with the loosening of travel restrictions in the UK and our destinations."

As of 1105 GMT, On the Beach shares were up 4.31% at 266.0p.