Earnings Decrease At Hostelworld
Dublin-based accommodation booking platform Hostelworld has revealed that its earnings decreased 9% year-on-year in 2019 to €20.5 million.
Meanwhile, Hostelworld brand net bookings decreased by 5%; average net booking value increased 3% to €11.97; and the company's full year net revenue decreased 2% to €80.7 million, as reported by The Irish Independent.
However, the company's revenue did increase 6% during the second half of 2019 compared to the same period the previous year.
Hostelworld also revealed that there has been a "material" reduction in bookings in 2020 to date due to the spread of the COVID-19 virus. The company said that if near term trends continue until the end of March, the impact to its earnings for the first quarter of 2020 could be between €3 million and €4 million.
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