Hostelworld Grows Revenues
Revenues at the Irish online travel group Hostelworld were up by a third last year to record highs, thanks to a spike in bookings on the back of a successful social media campaign.
In a trading update on Wednesday, the budget-booking platform, which is listed in Dublin and London, reported revenues of €93.7m for last year, up 32pc on 2022 and a historic high.
Net gross merchandise value, the gross transaction value of bookings minus cancellations, was also at a record high at €619m, up 32pc on the previous year.
Net bookings totalled 6.5 million, an increase of 37pc year on year, with net bed nights of 22.7 million, up 30pc year on year.
The increased revenue and bookings came despite a 4pc dip in net average booking value, due to higher but cheaper bookings in Asian destinations, offset by bed price inflation elsewhere.
The group’s active social media strategy has driven down the cost of marketing from 51pc to 50pc of net revenues.