On The Beach share price tumbles on profit warning

On the Beach Group (LON:OTB) saw its shares plummet by 14%, to 64.31p, after it warned on profits.

The online retailer for beach holidays put the blame on Brexit related issues, in particular a weakening of the pound, which led to an increase in the price of its holiday packages. Unlike multinational travel companies, On the Beach Group does not hedge its currency exposure to sterling.

Simon Cooper, the chief executive of the company, added that the company remains “confident in the resilience and flexibility of [its] business model, focusing on profitable growth and an ability to capitalise on any structural changes in the market”.