Online booking platform Hostelworld has reported adjusted profit after tax of €10.3m for the first half of the year, up from €7.7m for the same period in 2016.
The profit came on revenue of €46.6m, representing a rise of 16% on the half year in 2016.
The group reported an 11% increase in bookings in the period to 3.9m, with bookings at its core Hostelworld brand up 21%.
Exactly half of the company’s bookings are now made using mobile devices, up from 43% in H1 2016, with Hostelworld launching a new technology development centre in Portugal during the period to enhance its capabilities in this area.
The group had a cash pile of €17.7m at the end of June.
Hostelworld Chief Executive Feargal Mooney said the H1 results are "somewhat flattered by a weak comparative in H1 2016, and growth rates in the June to August period have been more modest.
"Our expectations for the full year outcome are nonetheless unchanged, and we have declared a 6% increase in the interim dividend.
"We remain confident in our long term strategy and execution and will continue to manage the risks to our business posed by the impact of terrorist attacks on travel demand alongside general macro-economic uncertainties and currency fluctuations," he added.
Hostelworld's shares are nearly 5% higher in Dublin trade today.
Hostelworld also announced today that Richard Segal has informed the board of his intention to resign as Non-Executive Chairman, a position he has held for six years.
Mr Segal will be replaced by former Ryanair deputy CEO Michael Cawler, who is currently a Senior Independent Non-Executive Director at Hostelworld.
Carl Shepherd will also become a Non-Executive Director at the firm, while it is still searching for another non-executive director.
