Business
Interim Results
Interim Results.
About this update from Hostelworld Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8461V\n Hostelworld Group PLC\n 12 August 2020\n \n \n \n \n \n Hostelworld Group PLC - Interim Financial Report\n \n \n \n For the half year ended 30 June 2020\n \n \n \n \n \n LEI:213800OC94PF2D675H41\n \n \n Hostelworld Group plc\n \n \n (\"Hostelworld\" or the \"Group\" or the \"Company\")\n \n \n Interim Results 2020\n \n \n \n \n \n H1 2020 in line with expectations; modest increase in bookings in recent weeks in line with the easing of travel restrictions. \n \n \n Accelerated delivery of Roadmap for Growth initiatives \n \n \n \n \n \n \n 12 August 2020: \n \n Hostelworld, a leading global OTA focused on the hostel market, is pleased to announce its interim results for the period ended 30 June 2020\n \n \n \n \n \n Financial highlights:\n \n \n · \n Net revenue of €12.0m in H1 2020, a decline of 69% (H1 2019: €38.8m), driven by COVID-19 led travel restrictions from late Q1\n \n \n · Total Group net bookings decline of 67% (H1 2019: -10%)\n \n · \n Net booking volume decline from 3.5m to 1.1m, with cancellations €5.4m (H1 2019: €4.8m) \n \n \n · Net Average Booking Value €9.45 (H1 2019: €12.40), reflecting increased cancellations which had longer lead times and higher ABVs \n \n · \n Marketing costs in Q2 reduced to match revenue volumes. Total H1 2020 marketing costs of €7.5m were 76% of net revenue (excluding deferred revenue), an €8.8m reduction compared to H1 2019 (H1 2019: €16.2m, 37%)\n \n · \n Q2 operating costs, excluding marketing overheads, reduced by 20% to €5.5m, down from €6.9m in Q1 2020 (14% reduction compared to €6.6m in Q2 2019)\n \n \n · \n Adjusted EBITDA loss of €8.3m (H1 2019: €8.9m profit), in line with guidance\n \n \n · \n Basic loss per share of 18.90 € cent (H1 2019 basic earnings per share: 6.82 € cent)\n \n \n \n \n \n Balance sheet and cash flow:\n \n \n · \n Raised gross proceeds of €15.2 million [1] \n \n through a \n \n non-pre-emptive placing of and direct subscription for new ordinary shares in June 2020\n \n \n · \n Committed €7m three-year revolving credit facility secured, undrawn as at 30 June 2020[2]\n \n \n · \n Closing cash position €32.9m (H1 2019 €25.4m) includes cash on hand of €29.4m and a €3.5m short-term financing facility\n \n \n · \n Customer deposits related to bookings made under the free cancellati...