Shares of Manchester-based online holiday retailer On the Beach Group plc rose about 6% on Tuesday after it said in a trading update that the liquidation of Thomas Cook Group “has created an unprecedented opportunity to take additional market share at an increased rate.”
On the Beach announced an update on trading for the 12 months to September 30, 2019, ahead of its preliminary results on November 27, 2019.
“The compulsory liquidation of Thomas Cook Group (TCG) on 23 September 2019 has had a significant impact on the package travel industry,” said On the Beach Group.
“For On the Beach, this has created an unprecedented opportunity to take additional market share at an increased rate.
“As a result, the group has started to strategically increase its marketing investment both online and offline to attract new customers to onthebeach.co.uk, sunshine.co.uk, Classic Collection and Classic Package Holidays, and is well positioned across all channels.
“The group will update shareholders further on release of the preliminary results.”
On the Beach Group CEO Simon Cooper said: “I would like to thank all teams across the business for their exceptional response following the compulsory liquidation of TCG in ensuring that customers were either re-booked or refunded in the shortest possible time whilst maintaining our high quality customer experience standards.
“On the Beach has an exciting opportunity to significantly increase its market share over the short to medium term by leveraging its strong brand and core capabilities.”