Lower-than-expected bookings ahead of the busy summer season took its toll on Hostelworld (HSW) during the first half. Total bookings fell 5 per cent to 3.75m year on year, though this came mainly from the non-core supporting brands that Hostelworld is gradually phasing out. Free cancellations were introduced across all regions in July 2018, resulting in an increase in cancellations to 0.25m, compared with 0.1m during the first half of 2018. This contributed to the 9 per cent decline in sales to €38.8m (£35.5m), or 12 per cent at constant currency.
IC TIP:
Hold
at
150p