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(Alliance News) - Hostelworld Group PLC on Wednesday raised its full-year earnings guidance for 2023 amid strong bookings and a decrease in debt.
The Dublin-based hostel booking company said in the nine months to September 30, revenue climbed 38% to EUR75.2 million. Net bookings totalled 5.0 million, up 43% from the year before.
Hostelworld said this was driven by "continued strong bookings" across all regions, with Southern Europe, Asia and Oceania destinations remaining ahead of pre-pandemic levels.
At September 30, closing cash position was EUR8.1 million and net debt position was EUR13.4 million, partly driven by a EUR2.0 million reduction in its revolving credit facility to EUR3.0 million from EUR5.0 million, Hostelworld said.
As a result, the booking platform has raised its full year adjusted earnings before interest, tax, depreciation and amortisation guidance to be in the range of EUR17.5 million and EUR18.0 million, from EUR16.5 million to EUR17.0 million previously. Adjusted Ebitda in 2022 was EUR1.3 million.
Chief Executive Officer Gary Morrison said: "I am delighted that our strong trading performance has continued into [the third quarter], resulting in record [year-to-date] revenue.
"Overall, the board remains very confident in the capacity of our highly differentiated asset-light business model to deliver long-term profitable growth and create shareholder value."
Shares in Hostelworld were trading 1.7% higher at 120.00 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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