Source - SMW
Hostelworld expects results for the year ended 31 Dec to be in line with its forecasts following a 6% growth in overall bookings.

But it said growth in the second half was, as anticipated more modest, up 1% on H2 2016.  

Bookings on its flagship Hostelworld brand increased by 13%, with growth in H2 2017 of 6%. 

Gross average booking value for 2017 was €11.5, flat on the prior year and up 2% on a constant currency basis.

Hostelworld said it continued to make good progress in its mobile business, with mobile (including tablet) now representing over 54% of bookings for the year (2016: 47%).

The group said its business model continued to generate excellent free cash flow resulting in a strong balance sheet at the year end. 

And it said the board looked forward to announcing the full year final dividend in April, in accordance with the policy stated at the time of the group's IPO. 

Chief executive Feargal Mooney said: 'We are pleased with the performance of the business in 2017. 

'During the second half of the year we delivered an efficient booking mix with marketing costs for the full year marginally lower than our previously guided range. 

'We continue to execute well on our strategy and this positions the Group well to make further progress in 2018.'