Hostelworld: Revenue recovers as travel restrictions scrapped as online agent posts €17.3m loss
Hostelworld has marked a “challenging year” as the online travel agent has slowly seen bookings rebound with the easing of travel rules.
Hostelworld marked a net revenue of €16.9m for the year to 31 December, an increase of 10 per cent year on year.
The Dublin-based company said its full year net bookings totalled 1.5m, representing 21 per cent of 2019 volumes.
It also reported an adjusted EBITDA loss of €17.3m, flat year on year.
However, it said it had seen a “strong start to the year” over the 12 weeks to 27 March, with “a consistent recovery in weekly net bookings and revenues”.
Hostelworld boss Gary Morrison, said: “While 2021 was a challenging year both for Hostelworld and the global travel industry, I am pleased to say we saw a consistent recovery throughout the year in both bookings and revenue versus 2019, save for the last few weeks where we saw travel concerns over the Omicron variant.”
He added: “Overall, I remain confident that our loyal customer base has more desire than ever to travel and meet other like-minded travellers once restrictions are eased. The improvements we continue to make to our platform and our differentiated growth strategy mean we are well-positioned to capitalise on those opportunities as demand continues to return.”