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Hostelworld books 'modest' growth

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Hostelworld CEO Gary Morrison

Hostelworld CEO Gary Morrison

Gary Morrison, Hostelworld

Gary Morrison, Hostelworld

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Hostelworld CEO Gary Morrison

Dublin-listed Hostelworld expects its growth in earnings next year to be "modest".

In a trading update yesterday, the group reiterated that it expects like-for-like gross bookings to be flat this year, given the expected declines in its supporting brands.

The group's core brand now represents 96pc of group bookings.

Cost management, combined with strong average booking value, is helping to offset the impact of the flat bookings, the group added.

CEO Gary Morrison said the company was operating in "an attractive and growing market, with a strong and trusted brand".

"We will invest in our core products, platform and capabilities as we strive to improve the hostelling experience for travellers and enhance our technology offering for the benefit of our core hostel partners," he added.

Over the past six months, the company has undertaken a strategic review.

Following this it said a number of focus areas have been identified, "most notably a lack of investment in the core platform and the focus on short term monetisation levers all of which the long-term investment strategy will aim to address".

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