Last checked at 11 Jun 2018 12:00
LEI: 213800OC94PF2D675H41
Hostelworld Group plc
("Hostelworld" or the "Group")
AGM statement
Monday, June 11, 2018 - Hostelworld, the world's leading hostel online booking platform holds its 2018 Annual Meeting in Dublin today, Monday 11th June.
Michael Cawley, Chairman, will present the following update to shareholders: "Hostelworld's customer first focus has been enhanced by the introduction in March of a new free cancellation product which significantly improves our product offering and has resulted in growth in both volume and average value of bookings. The growth in penetration of mobile has increased the level of activity per customer but has led to a decline in bed nights per booking. The Board is committed to a strategy which increases our technology investment and accelerates our product development so that we can continue to offer our customers the best experience in hostel booking.
As previously announced, Feargal Mooney will step down as CEO and Board Director and will be replaced by Gary Morrison. I would like to thank Feargal for his contribution to Hostelworld over the last sixteen years and to congratulate Gary and wish him well on his appointment.
While competition has increased into Europe and we face headwinds from adverse foreign exchange movements and we have limited visibility on bookings in the forthcoming peak season we reaffirm our expected earnings estimate for fiscal 2018.
Subject to approval at the AGM, the final dividend in respect of the year ended 31 December 2017 of 12 eurocent per share will be paid on 14 June to shareholders on the register at 11 May 2018. This will bring the total dividend for the year to 17.1 eurocent per share."
ends
For further information please contact:
Powerscourt hostelworld@powerscourt-group.com
Lisa Kavanagh + 44 (0) 20 7250 1446
Selene Alford/Jack Hickey +353 87 642 88 44 / + 353 83 4488 339
About Hostelworld Group
Hostelworld Group is the world's leading hostel-focused online booking platform. Connecting travellers with hostels around the world, Hostelworld offers more than ten million customer reviews across 36,000 properties in more than 170 countries, making the brand the leading online hub for social travel. The website operates in 19 different languages and mobile app operates in 13 different languages.
Hostelworld travellers are a unique, passionate breed; they want to see the world, make new connections and crave the adrenaline of new adventures. Hostelworld inspires them to 'Meet the World' through the social nature of hostels that turbo-charges their journeys and helps create unforgettable memories.
Headquartered in Dublin, Hostelworld has offices around the world in London, Porto, Seoul, Shanghai and Sydney with approximately 290 employees. The Hostelworld Group listed on the main London and Irish stock exchanges in November 2015.