Business
Interim Results 2021
Interim Results 2021.
About this update from Hostelworld Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2246I\n Hostelworld Group PLC\n 11 August 2021\n \n \n \n \n \n \n \n \n \n \n Hostelworld Group plc\n \n \n (\"Hostelworld\" or the \"Group\" or the \"Company\")\n \n \n Interim Results 2021\n \n \n \n \n \n \n H1 2021 in line with \n \n \n expectations; modest increase in bookings in recent weeks in line with the easing of travel restrictions \n \n \n \n \n \n \n \n 11 August 2021: \n \n Hostelworld, a leading global Online Travel Agent (OTA) focused on the hostel market, is pleased to announce its interim results for the period ended 30 June 2021\n \n \n \n Financial highlights1\n \n \n \n · \n Net revenue of €2.9m in H1 2021, a decline of 76% (H1 2020: €12.0m). On a quarterly basis, net revenue in Q1 2021 was €0.9m (Q1 2020: €12.0m) and in Q2 2021 2.0m (Q2 2020: €0.0m)\n \n \n · Total Group net bookings decline of 73% (H1 2020: 67%). Net booking volume decline from 1.1m to 0.3m, with cancellations €0.8m (H1 2020: €5.4m). On a quarterly basis, net bookings in Q1 2021 were 0.1m (Q1 2020: 1.1m) and in Q2 2021 0.2m (Q2 2020: 0.0m)\n \n · Net Average Booking Value (\"ABV\") of €11.72 (H1 2020: €9.45), reflecting favourable geographic mix, and higher number of bed nights per booking\n \n · \n Total H1 2021 marketing costs of €2.4m were 64% of net revenue (excluding deferred revenue), (H1 2020: €7.5m, 76%)\n \n · \n Administrative expenses reduced by 43% to €13.5m in H1 2021 (2020: €23.7m)\n \n \n · \n Adjusted EBITDA loss of €9.7m (H1 2020: €8.3m loss)\n \n \n · \n Basic loss per share of 17.50 € cent (H1 2020 basic loss per share: 18.60 € cent)2\n \n \n \n \n \n \n \n Balance sheet and cash flow:\n \n \n \n \n \n \n Closing cash position €33.7m (H1 2020: €32.9m)\n \n \n \n \n Adjusted free cash flow (101%), (H1 2020: (33%))\n \n \n \n \n Customer deposits related to bookings made under the free cancellation policy amounted to €1.1m (H1 2020: €0.6m)\n \n \n \n \n Cash dividends for 2021 remain suspended\n \n \n \n \n \n \n \n \n \n \n \n Gary Morrison, Chief Executive Officer, commented: \n \n \n \n \"\n \n \n During the first half of 2021 the Covid-19 pandemic has weighed heavily on the global travel industry. Although global vaccination programmes have continued at pace, new strains of the virus have spread rapidly around the...