osses at travel accommodation provider Hostelworld have halved in the first half of the year due to a “strong recovery” in travel bookings.
The business reported an adjusted loss of €5.2 million (£4.4 million) compared to €9.7 million in the first six months of 2021.
Net revenue came in at €28 million, an increase of 866% driven by “pent up demand” as pandemic travel restrictions eased resulting in a hike in bookings to 2.1 million from 300,000 a year earlier.
The business also announced that bookings had reached 59% of the equivalent 2019 pre-pandemic levels and that the average price per stay had upped.
Gary Morrison, boss of Hostelworld, said: “We are encouraged by the strong recovery we have seen in the first six months of the year across all demand segments and destinations, which demonstrate the ability of our business to capture pent-up demand as the travel market returns.
Read MoreFTSE 100 Live: US inflation set to fall, Elon Musk sells Tesla sharesElon Musk sells Tesla shares ahead of Twitter deal court clashFTSE 100 insurers eye simpler, more affordable policies as inflation sets inSPONSORED
7 of the best beaches in Croatia“We are pleased to report continued progress across all aspects of our differentiated growth strategy, that capitalises on the unique customer needs and attributes of the hostelling category.”
He added that he remained confident that the businesses “loyal customer base” had the “flexibility, the means and the desire to travel” as restrictions continue to ease.
The company singled out Europe, its largest destination pre-pandemic, as having witnessed a strong return to growth with markets in Southern Europe exceeding 2019 levels.
Hostelworld added that it was well positioned to “accelerate growth” subject stabilisation of the macroeconomic and geo-political headwinds currently impacting business.
The company’s shares dipped 3% in early trading today to 9173 pence.
