Business
Interim Results 2024
Interim Results 2024.
About this update from Hostelworld Group Plc
[{"type":"text","content":"\n\nHostelworld Group plc (\"Hostelworld\" or the \"Group\" or the \"Company\")\nInterim Results 2024\nStrong bookings growth, FY Adjusted EBITDA guidance in line with expectations\nHostelworld is pleased to provide an update on trading up to 30 June 2024 (\"H1\").\nStrong financial delivery continued in H1 2024:\n· Continuing growth in net bookings, a record half-year for Asia and Central America\n· Social strategy continuing to deliver, with direct marketing as a % of revenue1 at the low end of guidance range\n· Continuing to maintain cost discipline, underpinning significant Adjusted EBITDA growth\n· Highly cash generative business model, AIB term loan facility and RCF repaid early and in full\nWell positioned for further profitable growth:\n· Continuing investment in our social network strategy driving growth in penetration and usage\n· App bookings growth continuing to outpace Web, delivering marketing efficiencies to fuel future growth\n· Growing hostel supply, with market coverage increasing 3% year on year\n· Reiterating FY 2024 Adjusted EBITDA guidance in line with market consensus2\nFinancial highlights:\n· Net bookings of 3.7m (+9% year on year) driven by record performances in Asia and Central America\n· Net average booking value of €13.60 (-10% year on year) driven by a greater proportion of Asian destination bookings and a slight increase in the proportion of solo customers\n· Net revenue of €46.4m (+1% year on year) reflecting the drivers above\n· Direct marketing as a percentage of revenue1 totalled 45%, down 6% from 51% in H1 2023, driving net margin growth of +23% year on year\n· Proportion of bookings from social members increased to 80% (66% in H1 2023)\n· Operating costs3 of €12.5m, (-2% year on year)\n· Operating profit for the period €4.0m compared to a loss of €1.7m in H1 2023 (+335% year on year)\n·&nbs...