Dublin-headquartered online booking platform Hostelworld Group said today that Ulrik Bengtsson as been named as the company's chair designate with effect from end of the company's AGM in Dublin today.
The company said that Ulrik Bengtsson will succeed Michael Cawley, who will step down from the board in October next after nine years of service.
Mr Cawley had joined the company as a non-executive director in October 2015 and has served as Chairman of both the Board and the Nomination Committee since December 2017.
The new chair was previously Chief Commercial Officer and Chief Operating Officer of Virgin Media O2, CEO and Executive Director of William Hill, CEO of Betsson Group and CEO with Emerging Markets and Swedish divisions of Viasat Broadcasting.
In a statement issued ahead of the company's AGM today, chairman Michael Cawley said the business now expects to repay the remaining €7.5m balance of the AIB term loan by the end of the first half of 2024 - two years ahead of schedule.
Mr Cawley said this early repayment will deliver a cash interest saving of €0.5m, over the remaining lifetime of the facility, and represents another positive milestone for the business.
"It is also our intention to commence a share purchase programme, in the second half of the year, which will address the dilution to shareholders of shares issued in late April 2024 in connection with the company's long term incentive plan, subject to market conditions," he added.
The Hostelworld outgoing chair also said that trading remains consistent with the trends outlined in its March results statement has continued into 2024.
"In particular, our highly differentiated social strategy continues to deliver growth in market share whilst marketing costs remain at the low end of the guidance range. Building on 2023's strong performance, we are confident we can deliver high single-digit booking and revenue growth, in line with company guidance," he said.
"We are on track to deliver on the financial commitments published at our Capital Markets Day in November 2022 and remain confident in the group's long-term ability to deliver increased profitability and shareholder value," he added.
Hostelworld also today said it had appointed Paul Duffy as Independent Non-Executive Director. Mr Duffy previously served as Chairman and CEO of Pernod Ricard North America and is a non-executive director of Glanbia and W.A. Baxter & Sons, a UK food processing group.
