Hostelworld Group PLC AGM Statement (9596K)
April 27 2020 - 7:00AM
UK Regulatory
TIDMHSW
RNS Number : 9596K
Hostelworld Group PLC
27 April 2020
LEI: 213800OC94PF2D675H41
Hostelworld Group plc
("Hostelworld" or the "Group")
AGM statement
Hostelworld will hold its 2020 Annual General Meeting at 12 noon
on 27 April 2020 at the offices of the Company, Floor 2, One
Central Park, Leopardstown, Dublin 18, Ireland. As announced
through the Regulatory Information Services and published on the
Group's website on 16 April 2020, the 2020 Annual General Meeting
will be held behind closed doors to ensure that that the well-being
of our shareholders and employees is properly safeguarded during
this time.
The COVID-19 outbreak is generating significant trading
disruption in the travel industry. Since our full year 2019 results
presentation on 4(th) March 2020, the Group has been implementing a
programme of cost reductions and cash conservation initiatives to
help mitigate its impacts on our business.
Q1 2020 EBITDA reduced by c. EUR4.8 million when compared to the
same period for 2019, a slightly improved performance than we
previously guided on March 26th. The trading environment for the
foreseeable future remains extremely challenging and minimal
booking volumes are anticipated to the end of Q2 this year.
Hostelworld's liquidity remains strong with a net cash position of
EUR20.1 million as at 31 March 2020, with no debt obligations.
In parallel, the management team continues to progress on its
"Roadmap for Growth" strategy and looks forward to updating on
progress as part of its interim results update in August. Given the
uncertainty created by the COVID-19 outbreak, it is too early to
predict or quantify the impact this will have on the Group's
results for the financial year ending 31 December 2020, but we will
continue to update the market as appropriate.
For further information please contact:
Hostelworld Group plc
Gary Morrison Chief Executive Officer
TJ Kelly Chief Financial Officer
Rudolf O'Kane Head of Commercial Finance
Tel: +353 (0) 1 498 0700
About Hostelworld Group
Hostelworld Group, the global hostel-focused online booking
platform, inspires passionate travellers to Meet The World, and
come back with life-changing stories to tell. Our customers are not
your average tourists; they crave cultural connection and unique
experiences that we make possible by providing an unbeatable
selection of hostels in unmissable locations - all in the palm of
their hand.
It is the social nature and community feel of hostels and their
environment that enable travellers to embrace journeys of
discovery, adventure and meaning. We have more than 13 million
reviews across more than 17,700 hostels in more than 179 countries,
making our brand the leading online hub for social travel. Our
website operates in 19 different languages and our mobile app in 13
languages.
Disclaimer:
This announcement may contain forward-looking statements with
regard to the financial position and results of Hostelworld's
activities. Any forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially.
Many of these risks and uncertainties relate to factors that are
beyond Hostelworld's ability to control or estimate precisely. The
risks and other factors which may affect financial performance are
detailed in Hostelworld's publicly filed annual reports. Any
forward-looking statements in this announcement are current only as
of the date on which such statements are made. Hostelworld
undertakes no obligation to update any forward-looking statements,
save in respect of any requirement under applicable law or
regulation.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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