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HolidayCheck Group AG publishes first quarter results for 2021 holidaycheckgroup.com/news/holidaycheck-group-ag-veroeffentlicht-zahlen-fuer-das-1-quartal-2021/ Munich , Germany , 10 May 2021 - Demand for holidays - both packages and hotel bookings with independent travel arrangements - remained extremely subdued over the first three months of 2021 in light of the global spread of COVID - 19 and the continued imposition of stringent travel restrictions by many countries in response to the pandemic . Since the beginning of the financial year , however , as vaccination rates increase , holiday bookings have crept back up slightly compared with the last quarter of 2020 , although the overall volume remains low . Our hope is that this positive trend will be maintained over the coming months and that booking volumes will gradually increase . Given the ongoing tremendous uncertainty created as a result of the exceptional pandemic situation and the high level of dependence on unforeseeable political decisions affecting the travel sector as a whole , it is not possible to provide a reliable estimate of cancellation rates for booked holidays with departure dates after 31 March 2021. As a precautionary measure , these holiday bookings have not been shown as revenue in the first quarter of 2021. As at 31 March 2021 , the Group's potential entitlement to commission revenue from existing bookings was over EUR 6 million . Any future holiday cancellations would of course reduce this figure . Excluding this entitlement to commission revenue , HolidayCheck Group AG's revenue for the first quarter of 2021 increased to EUR 1.7 million compared with minus EUR 6.7 million in the same period of 2020 . The first - quarter figure for cost of goods sold was minus EUR 0.2 million in 2021 and minus EUR 1.5 million in 2020 ( advance purchases of holiday services , such as expenses for hotels , flights and transfer services , by the Group's in - house tour operator HC Touristik ) . Gross margin for the first quarter was EUR 1.4 million in 2021 compared with minus EUR 8.3 million in the previous year . Gross margin is defined as sales revenue less cost of goods sold ( COGS ) . In 2020 , the company implemented a series of comprehensive cost - saving measures in every area . This helped HolidayCheck Group AG to achieve a sustained year - on - year improvement in quarterly earnings and therefore protect the liquidity position . Marketing expenses in the first quarter of 2021 fell to minus EUR 0.1 million compared with minus EUR 7.6 million in the same quarter of the previous year . The main factors here were lower voucher costs and the almost complete suspension of marketing activities . 1/3