Business
COVID-19 Trading and Financing Update
COVID-19 Trading and Financing Update.
About this update from On The Beach Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6695N\n On the Beach Group PLC\n 21 May 2020\n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n For immediate release \n \n \n \n \n \n 21 May 2020 \n \n \n \n \n \n On the Beach Group plc\n \n \n \n \n \n (\"On the Beach\", \"OTB\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n COVID-19 Trading and Financing Update \n \n \n \n \n \n On the Beach Group plc (LSE: OTB.L), one of the UK's leading online retailers of beach holidays, today provides an update on the impact of the COVID-19 pandemic (the \"Pandemic\") and the Group's response to date, including announcing revised banking facilities and a proposed non-pre-emptive placing of new ordinary shares of 1 penny each in the capital of the Company representing up to approximately 19.9 per cent. of the Company's existing issued share capital (\"Placing\").\n \n \n \n \n \n Trading update and OTB's response to the Pandemic\n \n \n \n \n \n As outlined in the AGM Trading Update released on 6 February 2020, in the first four months of FY20 and following the collapse of the Thomas Cook Group, the Group priced competitively and increased market share with sales growth of 29 per cent. (excluding \n Classic Collection Holidays) for Summer 2020 departures. This performance was supported by a significant increase in offline marketing spend which resulted in the Group's highest ever year-on-year growth in brand awareness. Prior to the Pandemic, the Group anticipated that a proportion of this offline investment would payback in H2.\n \n \n \n \n \n In late February, with the spread of COVID-19 into the Canary Islands, the industry witnessed a dramatic fall in holiday booking volume...