TIDMHSW
RNS Number : 6939F
Hostelworld Group PLC
12 July 2023
LEI:213800OC94PF2D675H41
Hostelworld Group plc ("Hostelworld" or the "Group")
Trading Update
Largest H1 revenue on record
Hostelworld is pleased to provide an update on trading up to 30
June 2023 ("H1").
Key highlights:
-- Largest H1 on record, with Net GMV (1) of EUR339.5m (+57%
YoY) and revenue (2) of EUR51.5m (+57% YoY)
-- Net bookings of 3.4m (+64% YoY) driven by strong performances
in key European, Asian and Oceania markets
-- Net Average Booking Value of EUR15.15 (-4% YoY) driven by a
greater proportion of Asian destination bookings, partially offset
by continued bed price inflation
-- Direct marketing as a percentage of revenue (2) totalled 51%, down 9% from 60% in H1 '22
-- Interest rate on AIB debt facility reduced from 3.75% to
3.25% over EURIBOR, EUR2.5m reduction in RCF balance to EUR5.0m
-- H1 '23 adjusted EBITDA EUR5.1m compared to a loss of EUR5.2m in H1 '22
-- On 30 June 2023 the Group had a closing cash position of
EUR10.7m and a net debt (3) position of EUR16.2m
The Group reiterates earnings guidance of adjusted EBITDA in the
range of EUR16.5 million to EUR17 million for the full year, absent
any deterioration in the macro-economic environment, the
reintroduction of Covid restrictions or air travel disruptions.
Gary Morrison, Group Chief Executive Officer, commented:
"I am very proud of our performance for the year to date. In
particular, I am delighted that we have delivered record generated
revenues and improving EBITDA margins driven by our differentiated
Social growth strategy and a continuing focus on operational
excellence and cost discipline.
Looking further ahead, I remain very confident that our
innovative, asset-light business model is well-positioned,
well-financed and firmly on track to deliver against our long-term
growth goals outlined in our Capital Markets Day presentation last
November."
The Group will report its half year results for the six months
ended 30 June 2023 on 10 August 2023.
For further information please contact:
Hostelworld Group plc Corporate@hostelworld.com
Gary Morrison, Chief Executive Officer
Caroline Sherry, Chief Financial Officer
David Brady, Head of Commercial Finance
Powerscourt hostelworld@powerscourt-group.com
Eavan Gannon / Nick Dibden Tel: +44 (0) 20 7250 1446
About Hostelworld Group
Hostelworld Group Plc is a ground-breaking social network
powered OTA focused on the hostelling category, with a clear
mission to help travellers find people to hang out with. Our
mission statement is founded on the insight that the vast majority
of travellers go hostelling as a means to meet other people; which
we facilitate through a series of Social features on our platform
that connect our travellers in hostels and cities based on their
booking data. To date the strategy has been extraordinarily
successful, generating significant word of mouth recommendations
from our customers and strong endorsements from our Hostel
partners.
Founded in 1999, Hostelworld is a well-known trusted brand with
250 employees across 11 countries; hostel partners in 170
countries; and a strong commitment to building a better world in
all that we do. In particular, our focus in the last few years has
been on improving the sustainability of hostelling industry,
through our membership of the Global Sustainable Tourism Council
(GSTC); our active involvement in the Global Tourism Plastics
Initiative (GTPI); our partnerships with Bureau Veritas to
establish emissions benchmarks for the hostelling industry; and our
recent partnership with the South Pole to be a climate neutral
company in 2021 and 2022.
Disclaimer
This announcement contains forward-looking statements. These
statements relate to the future prospects, developments and
business strategies of Hostelworld. Forward-looking statements are
identified by the use of such terms as "believe", "could",
"envisage", "estimate", "potential", "intend", "may", "plan",
"will" or variations or similar expressions, or the negative
thereof. Any forward-looking statements contained in this
announcement are based on current expectations and are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by those statements. If
one or more of these risks or uncertainties materialize, or if
underlying assumptions prove incorrect, Hostelworld's actual
results may vary materially from those expected, estimated or
projected. Any forward-looking statements speak only as at the date
of this announcement. Except as required by law, Hostelworld
undertakes no obligation to publicly release any update or
revisions to any forward-looking statements contained in this
announcement to reflect any change in events, conditions or
circumstances on which any such statements are based after the time
they are made.
(1) Net GMV is gross transaction value of the booking less
cancellations
(2) Revenue is gross revenue less cancellations and excludes
impact of deferred revenue
(3) Net debt is cash less outstanding debt, including term loan,
revolving credit facility and warehoused payroll taxes
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END
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