Hostelworld says bookings weak but recovering
Hostelworld said bookings were weak in the first quarter but that domestic bookings were recovering, particularly in North and Central America.
The online hostel travel agency said its liquidity was strong with €38.3m of cash in the bank at the end of March. Monthly operating cash outflow of €1.6m is in line with expectations, the company said.
Hostelworld said it continued to expect its recover from the Covid-19 crisis to be based on travel guidance in individual markets and it hoped this would speed up as vaccinations spread in major markets.
"Booking volumes were weak throughout Q1 2021 with continued lockdowns and travel restrictions impacting demand," the company said in a statement before its annual meeting. "Domestic booking volumes are recovering, particularly in North and Central American markets."
Hostelworld shares rose 3.2% to 102.20p at 12:18 BST - their highest since the start of the pandemic.