Dublin-headquartered online booking platform HostelWorld Group has reported a return to profits on the back of robust bookings growth across all its regions, including a record year for its Asia operations.
Hostelworld posted a profit after tax of €5.1m for last year compared to a €17.3m loss in 2022, while its net revenue for the year jumped by 34% to €93.3m from €69.7m the previous year.
The company said its full year net bookings totalled 6.5 million last year, an increase of 37% on the 4.8 million net bookings in 2022.
It noted that its Net Average Booking Value (ABV) fell by 4% to €14.36 due to a combination of bed price inflation and a greater proportion of Asian destination bookings.
The company, founded in 1999 and headquartered in Ireland, has hostel partners in over 180 countries.
Gary Morrison, the company's chief executive, said that during 2023, the company 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 to deliver €18.4m EBITDA.
This exceeded its guidance range of €17.5m to €18m.
Mr Morrison also said the company continues to progress its ESG agenda and in particular the recent launch of its 'Staircase to Sustainability' framework with the Global Sustainable Tourism Council.
"This framework will help our hostel partners to promote the inherent sustainability advantages of their hostel accommodation," he added.
