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UK's On The Beach Suspends Annual Profit Forecast as Middle East ...
On the Beach saw a 10% surge in bookings before the Middle East conflict caused a sharp drop, prompting suspension of its £39-43 million profit guidance.
- On Thursday, British package holiday group On the Beach suspended its annual profit forecast of £39 million to £43 million, citing a sharp slowdown in holiday bookings to Turkey, Greece, Cyprus, and Egypt.
- The U.S.-Israeli war with Iran prompted the slowdown, as CEO Shaun Morton said travelers are avoiding destinations near the Middle East following the conflict's onset late last month.
- Shares dropped by a 10th following the announcement, while operational teams worked "round the clock" to support customers in resorts and enable their return home as soon as possible.
- The World Travel & Tourism Council estimates the conflict costs the tourism sector $600 million per day in lost international visitor spending, while global airlines including British Airways have suspended flights to Middle Eastern destinations.
- Though the firm cannot currently predict the recovery timeline for bookings, analysts at Peel Hunt expect the company to be "back on track after the Iran disruption concludes.
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On the Beach says bookings to popular resorts hit by Middle East conflict
The travel group said it was expecting a hit to its profits, sending shares down by more than a 10th.
·Wrexham, United Kingdom
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UK holiday group suspends forecast as Iran war hits Mediterranean holiday demand
A British package holiday group suspended its profit forecast on Thursday, saying the US-Israeli war with Iran has triggered a sharp slowdown in holiday bookings to destinations such as Greece, Cyprus, Turkey, and Egypt.
·Athens, Greece
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Total News Sources15
Leaning Left4Leaning Right0Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 44%
C 56%
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