Revenue at online booking platform Hostelworld increased by 32% last year to €93.7 million.
A total of 6.5 million bookings were made on the site in 2023, up 37% on the previous year.
The average booking value of €14.36 was down slightly on 2022.
Shares in the company increased by 4.5% following the trading update, which shows that full year earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €18.3m exceeds the upper end of market guidance.
"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 cost discipline to deliver EBITDA which exceeds the upper end of our guidance range," said Gary Morrison, Group Chief Executive Officer.
"In particular, I am also pleased to report our full year marketing costs as a percentage of net revenue fall from 51% in the first half of the year to 50% on a full year basis, which demonstrates the ability of our strategy to grow market share whilst reducing marketing costs," he added.
Going into 2024, the company said it is strongly positioned to deliver against its medium‐term financial commitments.
"We have started the new year with strong momentum and I feel very confident that we will continue our track record of continued profitable growth and value creation for our shareholders," said Mr Morrison.
Hostelworld will report its full year results on 21 March.
