(Alliance News) - Hostelworld Group PLC on Wednesday reported a rise in annual revenue driven by a boost in bookings and said it earnings beat market expectations.
Shares in Hostelworld rose 5.5% to 140.25 pence each in London on Wednesday morning.
The Dublin-based hostel booking company said 2023 revenue climbed 32% to EUR93.7 million from EUR69.7 million in 2022. It recorded net gross merchandise value of EUR619 million, also reflecting a 32% increase from EUR470.1 million the year prior.
Net bookings climbed 37% year-on-year to 6.5 million in 2023 from 4.8 million a year ago, while net bed-nights rose 30% to 22.7 million.
Adjusted earnings before interest, tax, depreciation and amortisation of around EUR18.3 million exceed the upper end of market guidance of a EUR17.5 million to EUR18.0 million range, Hostelworld said.
"Over 2023 we grew market share, delivered record revenues and increased operating leverage through a combination of reduced marketing spend (as a percentage of net revenue) and continued operating cost discipline to deliver Ebitda which exceeds the upper end of our guidance range," said Chief Executive Officer Gary Morrison.
By Sabrina Penty, Alliance News reporter
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Hostelworld (HSW)