Business Irish

Saturday 19 August 2017

Hostelworld CEO is paid €850,000 bonus

Hostelworld chief executive Feargal Mooney
Hostelworld chief executive Feargal Mooney

Sean Duffy

Hostelworld CEO Feargal Mooney received a €850,000 one-off payment from the company's former majority shareholder Hellman and Friedman, which was agreed as part of the company's IPO back in 2015.

Mr Mooney, pictured, earned a basic salary of €400,000 last year, but the one-off "discretionary payment" took his pay packet for the year to well over the €1m mark, according to the company's annual report.

He was the only board member to benefit from the discretionary payment, which was capped at €7m. Hostelworld said the group did not bear any costs associated with the payment.

Hostelworld also said it had also paid €275,000 to its chief financial officer, Mari Hurley, for her part in the IPO. The payment was made in October of 2015. Ms Hurley is also a non-executive director of the National Asset Management Agency and Ervia.

Neither Mr Mooney nor Ms Hurley received bonuses related to the company's performance for the latest financial year.

Total group bookings for the year declined by 1pc which cost the group €3m. In addition, the gross average booking value fell to €11.60, a fall of 4pc compared to the previous year.

Overall, group revenues grew by 0.1pc, while EBITBA rose 7pc to €1.5m. The company said it is committed to paying a dividend for the year of €9.9m, which equates to €10.40 per share.

Irish Independent

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