Company Watch

Hostelworld profits up as global travel sector bounces back

Revenue for first quarter hits 115 per cent of pre-Covid levels after cost-cutting measures and recovery of tourism in Europe, Asia and Oceania

Backpackers enjoy Hostelworld’s 20th birthday celebrations at St Christopher’s Inn hostel in Berlin, Germany. Picture: Getty

Hostelworld’s revenue for the first three months of this year is currently at 115 per cent of 2019 levels, as the travel industry continues to recover from the Covid-19 pandemic.

Turnover for March is currently tracking at 120 per cent of 2019 levels, according to Gary Morrison, Hostelworld’s chief executive.

“The business is expanding very nicely, and the cost of creating that expansion is decreasing slightly. It’s a fabulous start to the year,” Morrison told the Business Post.