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On the Beach CFO departs following first-half loss

The chief financial officer of On the Beach, Paul Meehan, has announced his departure after revenues fell two-thirds in the first half of the year, due to the coronavirus pandemic.

Meehan, who  joined the online agent in 2017 succeeding Wendy Parry to the position, will leave the company on 17 July to “pursue other business interests.”

For the six months to 31 March 2020, income dropped by 17 % to £52.8m compared with £63.5m in the same period last year.

Group gross profit decreased by 21% from £47.5m to £37.5 in 2019.

Subsequently, On the Beach announced that Shaun Morton, the group’s director of finance, will be promoted to CFO and will join the board as a director on 17 July 2020.

Working alongside Meehan at On the Beach, he was “heavily involved” in dealing with the failure of  Thomas Cook, the acquisition of Classic Collection and the delivery of the Group’s recent share placing and CLBILS facility.

Prior to joining On the Beach in 2018, Morton occupied senior finance roles at Deloitte, Asda and most recently Ghd Hair, where he was the director of finance for the group. 

Meehan said: “I have very much enjoyed my time with On the Beach and feel that now is the right time to concentrate on and pursue other business interests. 

“I have worked closely with Shaun since he joined the group and I believe he is well-placed to take over the CFO role and deliver on the next phase of OTB’s growth. I wish Simon and the team every success in the future.”

Simon Cooper, CEO, added: “I would like to take this opportunity, on behalf of the board, to thank Paul for his three and a half years with On the Beach, during which time we have successfully completed two acquisitions and, most recently, a £67m placing of new shares. I wish him all the best with his future endeavours. 

“I would also like to congratulate Shaun on his new CFO role. Shaun has built a strong understanding of the online travel industry since joining the group and I look forward to working with him as we deliver on the group’s strategy to become Europe’s leading online retailer of beach holidays.”

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