The ticketing app group also said it is phasing a return of its operations to normal, having brought back most of its furloughed teams, and is dialling up discretionary spend, including marketing activity.
The FTSE 250-listed firm outdid its own expectations in terms of operating cost savings and now expects to report an adjusted underlying loss of GBP14mln-GBP19mln for the six months to August 31, 2020, compared to last year’s GBP42mln profit.
It said first-half revenue slumped by 76% to GBP31mln due to travel restrictions during the coronavirus pandemic lockdown, with net ticket sales down 81% to GBP358mln.
The firm had liquidity headroom of GBP162mln at the end of August.
Analysts at Peel Hunt said it was a solid performance ahead of their expectations.
Shares advanced 2% to 393.2p on Thursday in early trading.
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