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Annual Results

Hostelworld maiden divi as revenues rise

05 April 2016 09:08

Hostelworld, the hostel-focused online booking platform, reports revenues of EUR83.45m for the year to the end of December - 5% up on last time.

Average booking value was up by 5% to EUR12.1 per booking.

The results are the first since its listing on the London and Irish Stock Exchanges in November, raising a net EUR173.6 million.

Financial highlights:

- €8.5m increase in marketing investment for the year to €37.4m, including €3.2m Hostelworld Brand re-launch - Adjusted EBITDA for the year of €23.6m (2014: €27.0m), reflecting marketing investment - Adjusted EBITDA in the second half of the year increased to €13.6m compared to €10m in the first half of the year - Group adjusted profit after tax of €21m (2014: €25.6m) - Adjusted pro-forma Earnings Per Share of €0.22 (2014: €0.27) - Continued strong underlying cash conversion - Maiden dividend of 2.75 euro cents per share, in line with stated dividend policy and representing 70% - 80% of the Adjusted Profit after Tax for the period since IPO

Chief executive Feargal Mooney said: ""We offer hostels worldwide the market leading proposition, providing them with a low cost distribution channel, access to a global customer base, access to our online property management system and to our leading booking engine technology. "Consumers trust strong brands. The Hostelworld brand is characterised by a sense of adventure, community and social interaction, which appeals to our core target millennial demographic. We made significant investments in the brand in 2015 and are well poised to capitalise on these in 2016 and beyond. "The new financial year has started well and in line with our expectations. The strength of our brand and technology together with healthy booking numbers and continued pricing improvements, underpinned by a growing marketplace, gives the Board confidence in the Group's future prospects."

At 9:08am: (LON:HSW) Hostelworld Group Plc share price was -2.87p at 246.13p

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