Hostelworld Group PLC on Wednesday said full-year revenue multiplied as markets saw a post-Covid-19 recovery in 2022.

The Dublin-based hostel booking company reported full-year revenue for 2022 of €69.7 million, multiplying from €16.9 million in 2021. The company said the revenue increase was driven by strong booking demand as markets recovered and travel restrictions eased.

Hostelworld noted that group net bookings were 4.8 million in 2022, multiplying from 1.5 million the year before, while net average booking value also increased by 23% to €14.90, from €12.11, due to bed price inflation.

The company said pretax loss was €17.9 million, narrowing from €36.7 million the year prior, while basic loss per share also narrowed to a loss of 14.71 euro cents per share,from 30.96 cents. Hostelworld noted that adjusted earnings before interest, tax, depreciation and amortisation was €1.3 million, swinging from 2021’s Ebitda loss of €17.3 million.

The company did not declare a dividend for 2022.

Looking ahead, Hostelworld said it expects to deliver its targets for 2023, as positive trends continue.

Chief Executive Officer Gary Morrison said: ‘2022 was the year in which Hostelworld demonstrated the resilience of its business model and the capacity to capitalise on market demand as it returned. Most significantly, through a combination of operational progress, disciplined cost control and the launch of our innovative ’Social’ strategy, we returned the business to profitable growth.

‘Overall, I am encouraged by the trends we have seen since the start of the year despite limited visibility of our key bookings period.’

Hostelworld shares fell 1.4% to 143.00 pence each in London on Wednesday morning.

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