On the Beach Group has seen losses narrow as it reports its financial results for the year.

The company, which took trips off sale for the majority of the summer, reported a loss of £37 million for financial 2021, compared to a loss of £46 million the previous year.

Revenue also fell, down to £21 million in 2021 from £33 million in 2020.

Simon Cooper, chief executive of On the Beach Group, commented: “The disruption caused by Covid-19 has lasted longer than anyone would have anticipated, and the travel industry has been, and continues to be, one of the hardest hit.

“While our trading performance has clearly suffered, our successful placing this year is testament to the support from our shareholders who see the long-term value of On the Beach and it ensures we are well positioned as the market starts to normalise.”

The company said it had £56 million on hand at the end of September, excluding £39 million of customer monies held in a ring-fenced trust account.

“The shape of recovery for the sector remains uncertain due to the continued Covid-19 evolution and subsequent governmental responses,” added Cooper.

“The flexible, asset light nature of our business model and use of our ring-fenced trust account, alongside the work the team has done over the last year, means we are ready for 2022.”