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On The Beach cautious over cost of living crisis impact despite half-year sales surge

Its pre-tax losses were also slashed from £21.6m to £7m

Mallorca, Spain(Image: Getty Images)

On The Beach has said it is "yet to see the full impact of the escalating costs of living on bookings" but that it is still confident for the second half of its financial year.

The Manchester-headquartered company has confirmed its revenue for the six months to March 31, 2022, totalled £52.9m, up from the £4.4m it posted for the same period in the prior year.

Its pre-tax losses were also slashed from £21.6m to £7m over the same time.

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In a statement issued to the London Stock Exchange, On The Beach said its group revenue had increased following the widespread relaxation of restrictions for travel from the º£½ÇÊÓÆµ to most European holiday destinations in January 2022.

It added that it sales have "remained resilient" into the second half of its financial year and are 33% ahead of FY19 in the eight weeks to May 22.

Chief executive Simon Cooper said: "During the first half of our financial year we have seen a set of unique trading dynamics which were impacted, in part, by the Omicron variant in December and January.

"Prior to Omicron, group booked sales in September and October 2021 exceeded H1 19 levels, being the last full financial year not impacted by Covid, and while group sales were heavily impacted in November and December it was pleasing to see a significant uplift in traffic and booking volumes following the easing of restrictions in the º£½ÇÊÓÆµ and key International destinations during January.