Hostelworld has reported a 1% increase in revenue to €82 million alongside an 8% decrease in EBITDA to €21 million for the year ending December 31, 2018.
The figures exclude the impact of deferred revenue of €2.9 million, which will be recognized this year and has to do with the company’s free cancellation booking option introduced last year.
The hostel booking platform says brand bookings increased 4% in the period ,while bookings via its mobile application increased to make up 40% of total bookings.
The Dublin-based company says it has now laid out a “Roadmap for Growth” and hopes investments planned for 2019 will deliver growth in 2020.
Hostelworld recruited former Expedia executive Gary Morrison as its chief executive almost a year ago, while T.J. Kelly joined as chief financial officer in August.
The company’s roadmap in 2019 includes further investment in technology, product and data science, including investment in its Porto development center.
Hostelworld says it is also investing to improve the booking experience with a particular focus on payments and improving connectivity to third-party platforms.
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Morrison says Hostelworld is in a “highly competitive market, which is growing.”
“We anticipate that organic growth will be self-funded from our existing cash resources and cash generated from the business. Trading in the first quarter of 2019 is in line with the board’s expectations.”
Hostelworld listed on the Irish Stock Exchange in September 2015, raising €180 million.