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Hostelworld released its interim financial report for this year, showing strong financial delivery in the first six months of the year.
The company noted continuing growth in net bookings, particularly in Asia and Central America which registered record numbers in the first half of the year.
This resulted in 3.7 million bookings in the first half of this year.
An effective social media strategy
The current social strategy also continues to deliver with direct marketing being responsible for a significant percentage of revenue.
Hostelworld added that it continues to invest in its social network strategies, essentially driving growth in terms of penetration and usage.
Indeed. the number of bookings was influenced by followers on the company’s different social networks, accounting for up to 80 percent of traffic driven to the site and the app.
Bookings through the Hostelworld app continue to outpace those made through both mobile and desktop browsers, delivering market efficiencies to fuel future growth.
The company also noted a growing hostel supply with market coverage increasing three percent year-on-year.
Financial performance
For the first six months of 2024, Hostelworld reported a net revenue of €46.4 million, reflecting a 1 percent increase year-on-year, reflecting the influence of the abovementioned drivers.
On the other hand, operating profit for the period settled at €4.0 million, a 335 percent year-on-year increase compared to a loss of €1.7 million seen in the first half of 2023.
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