On The Beach Group (OTB) has reported half-year revenue of £4.4 million for the six months to March 31, 2021.
The figure represents a 79% drop year-on-year for the U.K.-based online travel company.
Gross profit for the group was down 42% year-on-year to £3.4 million and pre-tax loss was recorded at almost £22 million.
The company says cash available as of March 31 was £30 million which excludes customer money held in a trust account.
OTB Group also has access to a £75 million credit facility.
The company announced in May that it would not be selling holidays for summer 2021 because of the continued COVID-related uncertainty.
Simon Cooper, chief Executive of OTB Group, says: "As announced on May 12, 2021, the board took the decision to extend the Group's off-sale period from 30 June to 31 August 2021.
"Given the recent change in status of Portugal from green to amber, the board is pleased to have taken this decision early, so as to avoid customers suffering yet more turmoil and disappointment.”
He adds that the company is pleased to see that the Competition & Markets Authority is investigating whether some airlines are in breach of consumer law by for not offering refunds.
OTB says it continues to refund customers for cancelled flights and as of March 31, was owned almost £12 million by airlines.
Cooper says: “It is pleasing to see increased regulatory scrutiny on the travel sector and I would like to see this taken one step further with other travel companies establishing trust accounts, similar to ours, so that all customer monies are ringfenced and can be immediately returned should their holiday be cancelled. All of this will help to ensure consumers are fairly treated while also restoring confidence at a time when it is needed most.”
Cooper also says the OTB board is confident the company is in a good place to grow market share as the industry recovers.