Dublin-based accommodation platform Hostelworld has released its preliminary results for the year that ended on 31 December, 2021.
Details
According to a statement published on HostelworldGroup.com, €7 million of operating costs was removed
compared to 2019; full year net bookings totalled 1.5 million (2020: 1.5 million), which represents 21% of 2019 volumes; net revenue increased by 10% year-on-year to €16.9 million; net average booking value (ABV) increased by 30% year-on-year to €12.11; cancellations declined by 43% year-on-year to 0.2 million (€3.6 million); cost per net booking for the year increased by €3.57 over the prior year to €8.77; marketing as a percentage of revenue increased by 22% year-on-year to 72%; administrative expenses decreased by 15% to €24.2 million; there was an adjusted EBITDA loss of €17.3 million, flat year-on-year; total cash as at 31 December 2021 was €25.3 million; the group secured a new €30 million term loan facility in February of 2021, with net proceeds received of €28.2 million; and the group had a strong balance sheet and liquidity going into 2022, with available capital to invest to accelerate growth.
Additional Information
The statement published on HostelworldGroup.com also said that the group has experienced a strong start to the year and a consistent recovery in weekly net bookings and revenues over the last 12 weeks to 27 March, that it has also seen a recovery in the direct margin (net revenue less direct marketing costs) as travel restrictions have eased, confidence has returned, and normal trading patterns have resumed, and that its business model is highly geared to travel recovery, and it anticipates seeing a continued recovery in bookings throughout the year.
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