The OTA, which has been in business for 12 years, floated on the London stock market last September.

So far growth has been purely organic. It has an operation in Sweden and is looking at moving into new source markets in northern and central Europe.

However, chief executive Simon Cooper said this could change.

“Up to this point in time, certainly it [growth] has been via organic means rather than acquisitions. That’s not to say [that] were the right opportunity available at the right price, and it made sense, we wouldn’t look at acquisitions,” he told TTG.

Cooper’s comments came on the back of a strong set of interim results for the six months up to the end of March. Unlike tour operators, On the Beach records sales on a booked rather than flown basis, meaning that its results are less affected by seasonal fluctuations.

Group operating profit jumped from £4.8 million to £7.4 million. Revenue climbed from £29.1 million to £35.5 million in the six months to the end of March, giving it a margin of 20.8%.

On the Beach said it was on track to meet its expectations for full-year 2016. The Manchester-based firm said it had seen a shift away from the destinations in the eastern Mediterranean in favour of the western Mediterranean, with customers also leaving booking a holiday until later than usual.

This change in consumer behaviour has had a devastating effect on tour operators specialising in the likes of Tunisia, Egypt and Turkey, but Cooper said the OTA model meant that On the Beach was able to adapt.

“We’re not a tour operator, so we’re not tied to capacity, therefore rapid shifts in consumer demand are not as much as much of a problem to be managed as they would be for a tour operator.

“We don’t sell anything that is committed, therefore we don’t face losses where market appetite shifts.”

Cooper also said that On the Beach was best-placed to benefit from a bigger lates market.

“With the OTA model it’s not possible to lose money on the sale [of a holiday] because providing you set your price point, you’re buying for cheaper than you sell.

“If you’re a tour operator and you’re selling in the lates market what is essentially distressed inventory, all you are doing is mitigating losses, it’s not making profit.”