Hostelworld Group, the London-listed online hotel-booking platform, has reported a narrowed pretax loss for the first half of the year. The company's revenue has increased due to a strong performance in key regional markets. Hostelworld Group also confirmed its guidance for the full year.

Financial Results

In the first half, Hostelworld Group's pretax loss was €7.1 million, a significant improvement compared to the €14.7 million loss recorded in the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €5.1 million, up from a loss of €5.2 million in EBITDA.

The company experienced a growth in net revenue, which rose from €28 million to €45.8 million. This boost was driven by the strong performance of Hostelworld Group in its key markets of Europe, Asia, and Oceania. Net bookings increased by 64% to 3.4 million.

Furthermore, net gross merchandise value (GMV) - the gross transaction value of bookings minus cancellations - increased by 57% to €339.5 million.

Future Outlook

Hostelworld Group has high expectations for its 2023 adjusted EBITDA, anticipating a range between €16.5 million and €17 million.

Stock Performance

As of 0740 GMT, shares of Hostelworld Group have risen by 2 pence, or 1.5%, reaching 135 pence.

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