On the Beach has reported total losses of £46 million for the year ended September 30th, as the Covid-19 pandemic continued to take a huge toll on the sector.
The UK-based tour operator saw profits of £19 million the previous year.
Total revenue fell 76 per cent to £38 million.
Simon Cooper, chief executive of On the Beach, commented: “There is no doubt that 2020 has significantly impacted the entire global travel industry and that the effects of the pandemic will have lasting impacts on the way the industry conducts business for many years to come.
“I am pleased to have witnessed and experienced the professionalism and resilience of our team members in coping and dealing with the many challenges that Covid-19 has presented and I would like to thank them, on behalf of the board, for all of their hard work for our customers.”
He added: “On the Beach continues to successfully build a leading position as more consumers discover the ease of use and vast choice of beach holidays across our platforms.
“The flexibility and asset light nature of our business model together with our recently strengthened balance sheet and the actions we have taken since the middle of March means we are well placed to capitalise on the inevitable structural changes in the market post Covid-19.
“As a result, the board continues to look to the future with confidence.”