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Annual Results

Hostelworld adjusted earnings rise

28 March 2017 08:19

Hostelworld's adjusted earnings before interest, tax, depreciation and amortisation rose to €23.9m in the year to the end of December - up 7% on a constant currency basis with revenue flat.

Reported adjusted EBITDA rose by 1% on revenue 4% lower and adjusted after-tax profits fell to €19.4m from €21.0m).

The group said the proposed final dividend of 10.4 euro cents per share reflected a 75% distribution of adjusted profit after tax, which was line with its stated policy.

Chief executive Feargal Mooney said: "As widely reported, 2016 was challenging for the travel industry, which had to contend with the impact of terrorist attacks and the implications of Brexit.

"Whilst our performance, particularly in our key European market during the second and third quarters of the year, was impacted by these events the group saw improved momentum in the latter part of 2016 which has continued through the first quarter of 2017.

"Our continued focus on key strategic initiatives is supporting year on year bookings growth, and together with our highly cash generative business model positions us well to benefit from continued market growth."

At 8:19am: (LON:HSW) Hostelworld Group Plc share price was +5.5p at 220.25p

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