Irish-founded online accommodation booking operator Hostelworld swung back into profit in 2023, the company’s new set of annual financial results show.
The Dublin-headquartered international booking site generated a profit of €5.14m last year. This was a turnaround from a €17.3m loss in 2022.
Furthermore, Hostelworld’s net revenue grew by 34%, last year, to €93.3m; while its full-year net bookings jumped by 37% to 6.5 million.
Hostelworld chief executive Gary Morrison said: “I am very pleased to report another strong year of strategic progress for Hostelworld, which is reflected in our results. Over 2023 we grew market share, delivered record revenues, and increased operating leverage through a combination of reduced marketing spend (as a percentage of revenue) and continued operating cost discipline to deliver €18.4m EBITDA, which exceeded our guidance range of €17.5m – €18m.“
Regarding outlook, Mr Morrison said: “With our record performance in 2023 and substantial progress in strengthening our balance sheet, I believe we are strongly positioned to deliver against our medium-term financial commitments published at our Capital Markets Day in November 2022. We have started 2024 with strong momentum, and I feel confident that we will continue our track record of profitable growth and value creation for our shareholders.”
