The group referenced the failure of Monarch, stating that the board anticipated that there would be a "one-off exceptional cash cost associated with helping customers to organise alternative travel arrangements or providing refunds” and said it would update shareholders further on release of the Preliminary Results.

It added that it had Scheduled Airline Failure Insurance in place and remained focused on assisting its customers in the coming weeks and months that had booked to fly with the carrier.

The group also noted a “softness” in the weeks following the Barcelona terror attack in August, but said it had “exited the financial year with strong forward momentum”.

It added that following the acquisition of Sunshine.co.uk on May 9 this year the “integration process is now substantially complete”, and that Sunshine’s trading since the acquisition was now in line with its expectations.

Elsewhere, On The Beach said it had continued to make good progress in its international markets, with full year revenue growth of 48%. "We are particularly encouraged by the significant revenue growth in H2 of 70% and that the group’s net investment in international operations is in line with expectations. This performance supports our plans to launch in our third international market, Denmark, early in 2018”, it said.

Meanwhile the group announced that it was considering the future location of its head office.

Simon Cooper, chief executive of On The Beach Group said: "The group has traded well in the year with a particularly strong performance in the second half during the key summer trading period. The integration of Sunshine.co.uk Limited, acquired in May 2017, has progressed in line with our expectations.

"We have continued to increase market share in our international markets and delivered strong revenue growth in the year. As a result of this performance, we are pleased to be launching in our third international market, Denmark, early in 2018."