Hostelworld Group reports record revenue growth [Video]

Hostelworld Group plc, the Irish global OTA focused on the hostel market, processed €620m in bookings in 2023, an annual increase of 32%.

Net revenue for the period increased by a third to €93.3m, and in the preliminary results statement the company said adjusted Ebitda was €18.4m compared with €1.3m a year earlier.

Operating profit of €5m was offset by finance costs of €6.1m, and reported net profit of €5.1m was due to the company availing of a €6.2m taxation credit.

CEO Gary Morrison commented: “Over 2023 we grew market share, delivered record revenues, and increased operating leverage through a combination of reduced marketing spend as a percentage of revenue and continued operating cost discipline.

“This operational delivery coupled with the strong cash conversion characteristics of our business model and a new €17.5m facility agreed with AIB in May 2023 enabled us to strengthen our balance sheet and reduce our finance costs.

“As of February …