 announced impressive growth in bookings during the first half of the year, as its non-executive chairman steps down from the role.){kind=link}
Hostel booking site Hostelworld (LON:HSW) announced impressive growth in bookings during the first half of the year, as its non-executive chairman steps down from the role.
The group said it had a strong first half and was on track to meet full year expectations on Tuesday, alongside the announcement that Richard Segal will leave the company after six years at the helm.
Segal led the company through “a strong period of change and growth”, and will be succeeded by senior independent non-executive director Michael Cawley later this year.
Group bookings were up 11 percent over the six months, despite demand weakened by a spate of terrorism attacks across Europe. Its core Hostelworld brand saw bookings rise 21 percent during the period, with 50 percent of bookings coming from mobile devices.
Strong performance in Asia led the figures, with inbound overall bookings growth of 18 percent. The group was also aided by a new technology development centre launched in Portugal, designed to enhance capability.
Feargal Mooney, Chief Executive Officer, said “The strong trading seen in the second half of 2016 continued throughout the early months of 2017, with growth in bookings across all geographies.”
“The level of growth in H1 2017 was somewhat flattered by a weak comparative in H1 2016, and growth rates in the June to August period have been more modest. Our expectations for the full year outcome are nonetheless unchanged, and we have declared a 6 percent increase in the interim dividend.
“We remain confident in our long term strategy and execution and will continue to manage the risks to our business posed by the impact of terrorist attacks on travel demand alongside general macro-economic uncertainties and currency fluctuations,” Mooney concluded.
Hostelworld shares are currently up 4.16 percent at 300.65 (0925GMT).