Profits have risen by a half to almost £10m at Cheadle-headquartered online travel agency On the Beach despite global terrorist attacks in late 2015 and early 2016 creating uncertainty and volatility in the holiday market.

The company has posted adjusted underlying pre-tax profits of £9.5m for the six months ending 31 March 2016, up by 53 per cent on a year earlier.

Revenues climbed by 22 per cent to £35.5m over the same period.

During the half-year, On the Beach reported a sharp reduction in consumer confidence in the immediate aftermath of terrorist atrocities, a shift away from the eastern Mediterranean in favour of the western Mediterranean, and consumers delaying the timing of booking a holiday.

Simon Cooper, chief executive of On the Beach Group, said: "The business has delivered impressive financial results in the first half that highlight the resilient and flexible nature of our model. I am pleased that we continue to make strong progress in delivering our strategic objectives.

"The terrorist acts in late 2015 and early 2016 created uncertainty and volatility in the holiday market, however, the business has adapted to changes in typical consumer practices by focusing on securing incremental supply in the western Mediterranean, enhancing margin, delivering operational efficiencies and retaining an efficient level of spend in driving demand to site.

"In the absence of any future negative market events, we anticipate stronger consumer confidence in the second half of the financial year, buoyed by a strong lates market, and are on track to meet our expectations for the full year."

On the Beach completed an initial public offering in September 2015 with a market capitalisation of £240m.