- Holiday operator On The Beach has suspended its profit forecast, citing a significant slowdown in demand for destinations such as Turkey, Greece, Cyprus and Egypt.
- The company attributes this decline to the ongoing crisis in the Middle East, which has made customers reluctant to travel.
- On The Beach's shares fell by 14 per cent, reducing its market value to £240 million, with its stock down 28 per cent this year.
- The wider travel sector is also affected, with 46,000 flights cancelled globally since the conflict began, costing the tourism sector an estimated $600 million daily.
- Other airlines, including EasyJet and BA owner IAG, have seen their share prices decline, reflecting broader concerns about consumer confidence and the impact of the conflict on travel.
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