Hostelworld Group PLC has released a trading update for the first half of 2024, reporting a 9% year-over-year increase in net bookings, driven by record performances in Asia and Central America. The net average booking value decreased by 10% year-over-year, attributed to a greater proportion of Asian destination bookings and an increase in the proportion of solo customers. Net revenue reached €46.4 million, up 1% year-over-year, with direct marketing as a percentage of revenue totaling 45%, down 6% from the previous year.
The proportion of bookings from Social Members increased to 80%, and operating costs decreased by 2% year-over-year to €12.5 million. The adjusted EBITDA for H1 '24 was €9.6 million, representing an 88% year-over-year increase and an adjusted EBITDA margin increase from 11% to 21%. The company also reported a closing cash position of €5.0 million and a net debt position of €2.6 million, with the AIB debt facility repaid in full.
Looking ahead, Hostelworld Group PLC is well positioned to capitalize on market demand and reiterates a FY 2024 adjusted EBITDA in line with market consensus. Gary Morrison, Group Chief Executive Officer, expressed confidence in the company's growth strategy and its ability to deliver against outlined objectives.
The company will report its half-year results for the six months ended 30 June 2024 on 08 August 2024. This announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation (EU 596/2014). For further information, individuals can contact Hostelworld Group PLC directly.
Hostelworld Group PLC is a social network-powered Online Travel Agent focused on the hostelling category, with a mission to help travelers find people to hang out with. The company has almost 230 employees and hostel partners in over 180 countries, with a commitment to building a better world and improving the sustainability of the hostelling industry.