EasyHotel (LON:EZH) shares rose 6 percent on Wednesday morning, after it “significantly outperformed” the budget hotel market and reported soaring system sales.

Total system sales rose 33.6 percent to £16.10 million from £12.05 million the same period a year ago, supported by a new booking engine and yield management systems as well as the growing recognition of the easyHotel brand.

The key performance metric, revenue per available room, rose 11.2 percent to £36.60, beating their competitive set by 11.7 percent. Like-for-like revenue for franchised hotels increased by 13.5 percent.

“We are mindful that consumers in the UK will continue to be cautious, given the wider macro-economic and political uncertainty, but believe our super budget offer positions us well, as consumers become increasingly discerning and value conscious,” said Guy Parsons, CEO of easyHotel.

“We continue to make good progress with our growth strategy. The Chester transaction marks our second investment following the successful fundraising announced in February 2018, taking easyHotel’s pipeline of owned and leased development projects to 1,150 rooms, in addition to the 1,857 franchise rooms currently under development.”

Shares in easyHotel (LON:EZH) are currently up 5.41 percent at 117.00 (0848GMT).