Revenue Up 5% at Hostelworld
Irish travel website Hostelworld has seen its revenue increase by 5 per cent in 2015, up to €83.5 million.
According to The Irish Times, Hostelworld, which also operates the Hostelbookers and Hostels.com brands, saw its average booking price rise by 5 per cent to €12.10.
Fergal Mooney, Hostelworld chief executive, said: ““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.”
Mobile bookings increased by 9 per cent to 40 per cent of total bookings. Mooney predicts that this will increase to 50 per cent this year, as the booking market increasingly moves to mobile.
In October 2015, an IPO valued the company at €245 million following its dual flotation on the Dublin and London stock exchanges.
Hostelworld, which also owns Hostels.com and HostelBookers.com, was originally founded by tech entrepreneur Ray Nolan who sold it to US private equity firm Hellman & Friedman in 2009 for €202.5 million.
Nolan, who received €100 million from the deal, is also the founder of workplace social media site Worky.com and e-tail solutions site XSellCo.