The OTA released a trading update for the 12 months to 30 September this morning (22 October) ahead of announcing its preliminary results on 27 November.

“Trading has remained in line with management’s revised expectations for the full year,” said the company in a statement.

“The compulsory liquidation of Thomas Cook Group has had a significant impact on the package travel industry.

“For On the Beach, this has created an unprecedented opportunity to take additional market share at an increased rate.

“As a result, the group has started to strategically increase its marketing investment both online and offline to attract new customers to Onthebeach.co.uk, Sunshine.co.uk, Classic Collection and Classic Package Holidays, and is well positioned across all channels.”

The group said it will update shareholders further on release of its preliminary results.

Simon Cooper, chief executive of On the Beach Group, said: “I would like to thank all teams across the business for their exceptional response following the compulsory liquidation of TCG in ensuring that customers were either re-booked or refunded in the shortest possible time whilst maintaining our high quality customer experience standards.

“On the Beach has an exciting opportunity to significantly increase its market share over the short to medium term by leveraging its strong brand and core capabilities.”