On the Beach recorded a first-half loss of £34 million in the six months to the end of March, compared to a profit of £12 million for the same period last year.
On the Beach Group will seek to raise £67.3 million in a share placing as the company positions to survive the collapse in travel surrounding the coronavirus pandemic.
On the Beach has appointed four new directors across the marketing, people and product functions.
The campaign was created by Uncommon, who were appointed earlier this year, and sees the brand move away from ‘the Beach’ character, which has fronted its campaigns since 2017.
On the Beach Group has said it is well positioned to benefit from the collapse of Thomas Cook. The 178-year-old travel giant was forced into administration last month, faltering under as much as £3 billion in debts.
Oliver Garner has been appointed chief executive of both Classic Collection Holidays and Classic Package Holidays - the online agent-only booking portal launched by On the Beach earlier this year.
The weakening value of sterling and continued uncertainty around Brexit have seen package tour operator On the Beach issue a profit warning. In a statement to markets, the company said profits this ear would be “below the board’s expectations”.
On the Beach Group has reported revenue of £63.5 million for the six months ended March 31st, an increase of 41 per cent when compared to the same period last year. Group gross profit increased five per cent, to £47.5 million, while group adjusted profit before tax was up 14 per cent to £15.7 million.
On the Beach Group has announce that Richard Pennycook has been appointed as non-executive chair of the board. Taking up the role in April, he will also chair the nomination committee.
The tour operator said it had continued to perform well in the first four months of the financial year, seeing core UK revenue growth, after all marketing costs, of 20 per cent.
Having fine-tuned its core business, which has historically focused on short-haul holidays, the online travel agent will introduce medium to long-haul holidays, which will focus on Dubai and popular Arabian Gulf beach resorts such as Ras Al Khaimah.
The TV ad was shot in Majorca, one of the online travel agent’s most popular destinations, and the quirky character’s suit was made by Millennium FX, one of Europe’s leading suppliers of prosthetics, animatronics and makeup FX for film and television.