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Hostelworld swings to annual loss as pandemic impact on travel hurts bookings
StockMarketWire.com
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Hostels operator and owner Hostelworld swung to a loss as the pandemic halted travel demand, and led to a sharp decline in booking activity.
For the year ended 31 December 2020, pre-tax losses were €50.5 million, compared with a profit of €3.0 million year-on-year as revenue fell 81% to €15.4 million.
Full year net booking volumes declined by 79% and average booking value slipped 22% to €9.33, due to 'the impact of increased cancellations and reduced bed prices across all markets,' the company said.
Looking ahead, the company said did not provide guidance for 2021, but said it remained 'convinced that when travel restrictions are lifted, we will be well positioned to benefit from the recovery in demand, driven by our improved platform and loyal customer base.'
At 9:26am: (LON:HSW) Hostelworld Group Plc share price was 0p at 74p
Story provided by StockMarketWire.com
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