StockMarketWire.com - Hostel-focused travel agent Hostelworld booked a deeper annual loss as the pandemic continued to hurt the tourism sector.

Pre-tax losses for the six months through June amounted to €20.7 million, compared to year-on-year losses of €18.8 million.

Revenue tumbled 79% to €2.9 million, though it picked up from €0.9 million in the first quarter to €2.0 million in the second.

Hostelworld's closing cash position was €33.7 million, with dividends remaining suspended.

'Although global vaccination programmes have continued at pace, new strains of the virus have spread rapidly around the world leading to frequent and swift changes to travel restrictions,' chief executive Gary Morrison said.

'Despite the challenging macro environment, we are starting to see customer demand returning in geographies where travel restrictions have been eased.'

Morrison said the company's liquidity position remained 'very strong', driven by a focus on cost control coupled with a term loan facility transaction in February.


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