Dublin-based accommodation booking platform Hostelworld has said that it expects its revenue for 2020 to be down by over 80% year-on-year.
The company recorded revenue of €80.7 million for last year.
Hostelworld also said that it expects its full year net bookings for 2020 to be between 20% and 22% of its 2019 net bookings.
As reported by The Irish Independent, Hostelworld stated in a trading update that in recent weeks it has experienced a "marked deterioration" in bookings as well as a larger than anticipated decline in the average value of bookings. Consequently, the company expects its net revenue to be between 16% and 18% of the revenue figure that it recorded for 2019.
Net Cash Position And Monthly Operating Cash Burn
At present, Hostelworld's net cash position stands at €22.6 million. This is down from €29.4 million in June.
Additionally, Hostelworld had a monthly operating cash burn of €2 million through Q3 2020, which it expects to reduce further during the final quarter of the year.
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