Hostelworld Group PLC has released its full-year trading update for the period ending 31 December 2023. The company reported that its adjusted EBITDA exceeded market guidance, driven by record revenue and bookings growth. The key highlights of the trading update include record net GMV and revenue, net bookings and bed-nights growth, and a reduction in paid marketing investment. The company's adjusted EBITDA for FY 2023 exceeded the upper end of market guidance. Hostelworld also reported a closing cash position of €7.5m and a net debt position of €12.3m as of 31 December 2023.
Gary Morrison, Group Chief Executive Officer, expressed his satisfaction with the company's strategic progress, highlighting the growth in market share, record revenues, and increased operating leverage. He also emphasized the reduction in marketing costs as a percentage of net revenue, demonstrating the effectiveness of the company's strategy in growing market share while reducing marketing costs. Morrison expressed confidence in the company's ability to deliver against its medium-term financial commitments and continue its track record of profitable growth and value creation for shareholders.
The company will report its full-year results for the year ended 31 December 2023 on 21 March 2024. Hostelworld Group PLC is a ground-breaking social network powered OTA focused on the hostelling category, with a mission to help travelers find people to hang out with. The company has a strong commitment to building a better world and has been actively involved in improving the sustainability of the hostelling industry.
In conclusion, Hostelworld Group PLC has reported strong financial performance for the year ended 31 December 2023, exceeding market guidance and demonstrating its ability to capitalize on robust demand in key markets. The company's strategic progress, record revenues, and reduction in marketing costs position it well for continued profitable growth and value creation for shareholders.