On the Beach Group has seen losses slender because it reviews its monetary outcomes for the 12 months.

The firm, which took journeys off sale for almost all of the summer season, reported a lack of £37 million for monetary 2021, in comparison with a lack of £46 million the earlier 12 months.

Revenue additionally fell, all the way down to £21 million in 2021 from £33 million in 2020.

Simon Cooper, chief government of On the Beach Group, commented: “The disruption brought on by Covid-19 has lasted longer than anybody would have anticipated, and the journey trade has been, and continues to be, one of many hardest hit.

“While our trading performance has clearly suffered, our successful placing this year is testament to the support from our shareholders who see the long-term value of On the Beach and it ensures we are well positioned as the market starts to normalise.”

The firm stated it had £56 million readily available on the finish of September, excluding £39 million of buyer monies held in a ring-fenced belief account.

“The shape of recovery for the sector remains uncertain due to the continued Covid-19 evolution and subsequent governmental responses,” added Cooper.

“The flexible, asset light nature of our business model and use of our ring-fenced trust account, alongside the work the team has done over the last year, means we are ready for 2022.”