In its pre-close trading statement released today, Monarch insisted that group performance remained “in line with our expectations with a likely Ebitda of £48 million”, compared with £74 million in 2015.

Monarch’s bookings for summer 2017 however are currently up 40% year-on-year, while flight only bookings are up 10%.

The group also announced the launch of new flights to Porto, Zagreb and Stockholm in April 2017.

In October the group secured a £165 million investment from its majority shareholder Greybull, which prompted the company to remove the requirement to Atol protect its flight-only bookings – a move which came into effect on December 15.

Andrew Swaffield, chief executive of Monarch Group, said: “I am pleased that, in the face of what is arguably the toughest trading environment ever faced by the industry, Monarch has maintained its profitable performance. Monarch continues to attract over six million passengers every year due to its unique heritage and excellent customer service.
 
“The record investment in the business announced in October, enhanced marketing initiatives including our first TV advertising campaign in three years and continuing cost control means Monarch enters 2017 in a strong position.
 
“The strength of both holiday and flight bookings for summer 2017 demonstrates that our combination of frequent service to popular destinations, great value fares and top-notch service is proving popular with consumers.”
 
“The group is well positioned to weather ongoing industry challenges and we look forward to continued growth and the arrival of our new fleet of B737-MAX8 aircraft from Spring 2018.“

Elsewhere, the group noted that it saw “significant growth” in bookings to the Canaries, mainland Spain and Portugal within the last 12 months, while it said “more customers than ever chose four-star holidays, representing nearly half of summer sales”.

It also noted that city destinations including Barcelona, Venice, Rome and Gibraltar had all seen double digit growth, driven by a greater number of younger travellers.