Revenue at Hostelworld expands to €46.6m as bookings increase
Revenue at Hostelworld has increased 16pc to €46.6m for the six months to 30 June, as the number of group bookings increased by 11pc to 3.9m bookings.
In addition the average booking value increased 3pc, according to the groups half-year results.
Adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) – a measure of a company’s operating cash flow – increased by 27pc to €12.9m compared to the same period in 2016.
Read more: Trading momentum continues for Hostelworld
Hostelworld’s adjusted profit after tax was €10.3m in the six months to 30 June, up from €7.7m in the same period last year.
The group has seen a large increase in the number of customers booking from their mobile devices, with one in two bookings now coming from mobiles, up 43pc on the same period in 2016.
In Asia, Hostelworld delivered a particularly strong performance, with inbound overall bookings growth of 18pc.
Hostelworld is set to deliver an interim dividend of 5.1 euro cents per share in line with stated dividend policy.
Commenting on the results, Feargal Mooney, CEO of Hostelworld, said that the strength of the core Hostelworld brand which now represents 92pc of total group bookings and the success of the groups product, marketing and operational initiatives had contributed to the performance.
However he also cautioned, saying that "growth rates in the June to August period have been more modest,"
"We remain confident in our long term strategy and execution and will continue to manage the risks to our business posed by the impact of terrorist attacks on travel demand alongside general macro-economic uncertainties and currency fluctuations," Mr Mooney said.