Online accommodation booking site Hostelworld has reported continued recovery from the Covid crisis through its half-year financial results.
The Irish-founded company halved its losses in the first six months of this year; with them dropping, year-on-year, from €14.3m to €7.5m.
Net bookings rose 64%, year-on-year, to 3.4 million, with revenue also growing over 60% to just under €46m.
Gary Morrison, Hostelworld Chief Executive, commented: “By geography, Europe has recorded strong year over year growth overall, with revenue growth outpacing net bookings growth through continued bed price inflation. Bookings into Southern Europe and other low-cost destinations such as Central America and South Asia have also been exceptionally strong, exceeding pre COVID-19 levels.”By geography, Europe has recorded strong year over year growth overall, with revenue growth outpacing net bookings growth through continued bed price inflation. Bookings into Southern Europe and other low-cost destinations such as Central America and South Asia have also been exceptionally strong, exceeding pre COVID-19 levels.
“During the first half we also made progress on modernising our platform to enable us to support faster execution of our growth strategy. In particular, we made significant progress refactoring key parts of our core platform into a series of microservices, which enable us to access more of the native capabilities of our cloud provider and pay for the computing resources we use ‘on-demand'”.
