Last checked at 27 Apr 2020 12:00
LEI: 213800OC94PF2D675H41
Hostelworld Group plc
("Hostelworld" or the "Group")
AGM statement
Hostelworld will hold its 2020 Annual General Meeting at 12 noon on 27 April 2020 at the offices of the Company, Floor 2, One Central Park, Leopardstown, Dublin 18, Ireland. As announced through the Regulatory Information Services and published on the Group's website on 16 April 2020, the 2020 Annual General Meeting will be held behind closed doors to ensure that that the well-being of our shareholders and employees is properly safeguarded during this time.
The COVID-19 outbreak is generating significant trading disruption in the travel industry. Since our full year 2019 results presentation on 4th March 2020, the Group has been implementing a programme of cost reductions and cash conservation initiatives to help mitigate its impacts on our business.
Q1 2020 EBITDA reduced by c. €4.8 million when compared to the same period for 2019, a slightly improved performance than we previously guided on March 26th. The trading environment for the foreseeable future remains extremely challenging and minimal booking volumes are anticipated to the end of Q2 this year. Hostelworld's liquidity remains strong with a net cash position of €20.1 million as at 31 March 2020, with no debt obligations.
In parallel, the management team continues to progress on its "Roadmap for Growth" strategy and looks forward to updating on progress as part of its interim results update in August. Given the uncertainty created by the COVID-19 outbreak, it is too early to predict or quantify the impact this will have on the Group's results for the financial year ending 31 December 2020, but we will continue to update the market as appropriate.
For further information please contact:
Hostelworld Group plc
Gary Morrison Chief Executive Officer
TJ Kelly Chief Financial Officer
Rudolf O'Kane Head of Commercial Finance
Tel: +353 (0) 1 498 0700
About Hostelworld Group
Hostelworld Group, the global hostel-focused online booking platform, inspires passionate travellers to Meet The World, and come back with life-changing stories to tell. Our customers are not your average tourists; they crave cultural connection and unique experiences that we make possible by providing an unbeatable selection of hostels in unmissable locations - all in the palm of their hand.
It is the social nature and community feel of hostels and their environment that enable travellers to embrace journeys of discovery, adventure and meaning. We have more than 13 million reviews across more than 17,700 hostels in more than 179 countries, making our brand the leading online hub for social travel. Our website operates in 19 different languages and our mobile app in 13 languages.
Disclaimer:
This announcement may contain forward-looking statements with regard to the financial position and results of Hostelworld's activities. Any forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Many of these risks and uncertainties relate to factors that are beyond Hostelworld's ability to control or estimate precisely. The risks and other factors which may affect financial performance are detailed in Hostelworld's publicly filed annual reports. Any forward-looking statements in this announcement are current only as of the date on which such statements are made. Hostelworld undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation.