Hostelworld Group, the Online Travel Agent with a focus on hostelling, has reported a revenue increase of 32% for 2023 in a pre-results trading statement.
The company said the gross transaction value of bookings rose 32% to €619m while there was a similar revenue improvement to €94m.
Net bookings totalled 6.5m (+37% year on year) and net bed-nights totalled 22.7m (+30% year on year), driven by strong growth across all regions.
Hostelworld’s net average booking value was €14.36, down 4% year on year, driven by a greater proportion of Asian destination bookings.
The company’s marketing expense as a percentage of revenue is 50%, and adjusted EBITDA came in at c.€18.3m. The company said that end year net debt was €12.3m.
Chief executive 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 net revenue and continued operating…
