In a trading update released in anticipation of the today’s AGM, the OTA said Monarch’s failure had led to "significant" year on year seat price increases for winter departures.

It added any incremental capacity added by other carriers is not largely kicking in until Easter, meaning summer seat prices will not see the same effect.

However, customer demand for Eastern Mediterranean destinations is growing and is helping to drive bookings.

"Substantial" growth in revenues in sunshine.co.uk also helped buoy the OTA’s performance.

The combined factors mean that On the Beach’s UK operations are reporting a 23% boost in revenue for the four months ending January 31, 2018.

Overseas, the group has seen strong growth in both its Sweden and Norway operations while preparations are under way to launch a new Danish-facing site.

On the Beach Group chief executive Simon Cooper said: “The first four months of the new financial year has delivered another solid period of growth for the On the Beach, Sunshine and ebeach brands.

"Our strategy of investing in our brands, talent and technology to drive growth has delivered performance in line with the board’s expectations, with consumers attracted to our wide range of value for money beach holidays.

"Our third nationwide television advertising campaign started on Christmas Day and has helped drive this strong performance as our brand awareness continues to grow.

"The board remains confident in the Group’s outlook and will continue to evaluate opportunities to enhance its market share position.”