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On the Beach shares tank as FY outlook suspended due to Iran war
(Sharecast News) - On the Beach Group shares tanked on Thursday as the UK holiday company temporarily suspended its full-year profit outlook, citing falling demand for Middle East destinations due to the US-Israel war on Iran.
The London-listed firm on Thursday said it said it has seen a "significant slowdown" in demand to destinations such as Turkey, Greece, Cyprus and Egypt and expected a hit to profits, despite limited exposure to the region. Shares in the company were down 13.56% at 0818 GMT.
"The timing of when the conflict will end and the shape of recovery in demand to these destinations are unknown. Both will impact group profitability and as a result the group is temporarily suspending its guidance of £39m to £43m adjust pre-tax profit for the full year," On The Beach said in a trading statement ahead of its annual general meeting.
Reporting by Frank Prenesti for Sharecast.com
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