November 27, 2019 / 7:16 AM / 13 days ago

BRIEF-On The Beach Says Thomas Cook Collaps To Cost Co 25.6 Mln Stg

Nov 27 (Reuters) - On The Beach Group PLC:

* PRELIMINARY RESULTS

* FY GROUP ADJUSTED PROFIT BEFORE TAX UP 3% TO £34.6M (FY18: £33.6M)

* FY ADJUSTED GROUP REVENUE £147.5M VERSUS £104.3M

* PROPOSED FINAL DIVIDEND OF 2.0P PER SHARE; DIVIDEND MAINTAINED AT 3.3P PER SHARE FOR YEAR

* FY GAAP GROUP REVENUE £140.4M VERSUS £104.3M

* ONE-OFF EXCEPTIONAL COST ASSOCIATED WITH HELPING THOMAS COOK CUSTOMERS TO ORGANISE TRAVEL ARRANGEMENTS, CANCELLED BOOKINGS LOST MARGIN

* ADJUSTMENT OF £7.1M TO REVENUE REPRESENTS LOST REVENUE ASSOCIATED WITH THOMAS COOK GROUP PLC IMPACT

* THOMAS COOK GROUP PLC IMPACT TOTALLED £25.6M AND IS STATED NET OF A CHARGEBACK CLAIM OF £18.5M

* FY GROUP ADJUSTED PROFIT BEFORE TAX, IN LINE WITH MARKET EXPECTATIONS

* FAILURE OF TCG HAS LED TO A MATERIAL SHIFT IN MARKET DYNAMICS AS IT HAD A 20% SHARE OF BEACH HOLIDAY PASSENGERS

* FAILURE OF TCG LED TO MATERIAL SHIFT IN MARKET DYNAMICS AS IT HAD APPROXIMATELY 20% OF SEAT CAPACITY TO BEACH HOLIDAY DESTINATIONS

* SEARCH DEMAND HAS THEREFORE BEEN STRONG THROUGHOUT PERIOD FOLLOWING TCG FAILURE

* EXPECTATION THAT SEAT SUPPLY WILL NORMALISE DURING FY20

* LAST YEAR PRESENTED CHALLENGING ENVIRONMENT WITH UNCERTAINTY OVER TIMING AND NATURE OF BREXIT, DEVALUATION OF STERLING AGAINST EURO Source text for Eikon: Further company coverage:

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