Hostelworld Group plc (HSW.L), a social network powered Online Travel Agent focused on the hostelling category, reported Wednesday higher Adjusted EBITDA, net bookings and net revenues in its first half, but net average booking value was lower than last year. The company further reiterated its fiscal 2024 adjusted EBITDA guidance in line with expectations.
On the London Stock Exchange, the shares were losing around 5.9 percent to trade at 152.50 pence.
In its trading update, the company reported first-half adjusted EBITDA of 9.6 million euros, up 88 percent from 5.1 million euros last year, representing an increase in adjusted EBITDA margin to 21 percent from 11 percent a year ago.
Net revenue of 46.4 million euros grew 1 percent from last year, with 9 percent growth in net bookings to 3.7 million, driven by record performances in Asia and Central America.
Net average booking value, meanwhile, was down 10 percent year-over-year to 13.60 euros.
Direct marketing as a percentage of revenue totalled 45 percent, down 6 percent from 51 percent last year, driving a net margin growth of 23 percent.
Gary Morrison, Group Chief Executive Officer, said, "Over the balance of the year, we expect consumer demand for low cost destinations to continue, resulting in revenue growth lagging net bookings growth on a FY basis.... Looking ahead, I remain very confident in our growth strategy and that we are well positioned, well financed and firmly on track to deliver against our objectives outlined in our Capital Markets Day presentation in November 2022."
Hostelworld will report its half year results for the six months ended June 30 on August 8.
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