On the Beach Group PLC Statement re: Thomas Cook Airlines Ltd (2455N)
September 23 2019 - 1:01AM
UK Regulatory
TIDMOTB
RNS Number : 2455N
On the Beach Group PLC
23 September 2019
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014
23 September 2019
On the Beach Group plc
("On the Beach", "OTB", the "Company" or the "Group")
Statement re: Thomas Cook Airlines Ltd
On the Beach Group plc, (LSE: OTB), the UK's leading online
retailer for beach holidays, notes the recent announcements by
Thomas Cook Group plc and the Civil Aviation Authority that Thomas
Cook Airlines Ltd and other companies in Thomas Cook Group plc have
entered compulsory liquidation. On the Beach is assisting customers
that are currently in resort and whose travel plans will be
affected.
The Board anticipates that there will be a one-off exceptional
cost associated with helping customers to organise alternative
travel arrangements, and lost margin on cancelled bookings. The
Group expects to be able to recover the costs of the cancelled
flights via chargeback claim (as was the case for the Monarch
failure in 2017). This one-off exceptional will be booked in the
current financial year. The Board is currently evaluating the
potential effects of the failure on its forecasted performance for
the year ending 30 September 2020, and a further update will be
provided when appropriate.
The Group will announce a Full Year Trading Update on 22 October
2019 ahead of its Preliminary Results on 27 November 2019.
There will be a conference call for sell-side analysts at 8:30am
today, the details of which can be obtained from FTI
Consulting.
For further information:
On the Beach Group plc via FTI Consulting
Simon Cooper, Chief Executive Officer
Paul Meehan, Chief Financial Officer
FTI Consulting Tel: +44 (0)20 3727
Jonathon Brill 1000
Alex Beagley
Fiona Walker
Sam Macpherson
About On the Beach
With over 20% share of online sales in the short haul beach
holiday market, we are one of the UK's largest online beach holiday
retailers. We have significant opportunities for growth and a
long-term mission to become Europe's leading online retailer of
beach holidays. By using our innovative technology, low-cost base
and strong customer-value proposition to provide a structural
challenge to legacy tour operators and online travel agents, we
continue our journey to disrupt the online retail of beach
holidays. Our model is customer-centric, asset light, profitable
and cash generative.
Cautionary statement
This announcement may contain certain forward-looking statements
with respect to the financial condition, results, operations and
businesses of the Company. Forward looking statements are
sometimes, but not always, identified by their use of a date in the
future or such words as 'anticipates', 'aims', 'due', 'will',
'could', 'may', 'should', 'expects', 'believes', 'intends',
'plans', 'targets', 'goal' or 'estimates'. These forward-looking
statements involve risk and uncertainty because they relate to
events and depend on circumstances that may or may not occur in the
future. There are a number of factors that could cause actual
results or developments to differ materially from those expressed
or implied by these forward-looking statements, including factors
outside the Company's control. The forward-looking statements
reflect the knowledge and information available at the date of
preparation of this announcement and will not be updated during the
year. Nothing in this announcement should be construed as a profit
forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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