Budget accommodation OTA Hostelworld saw 2024 bookings rise to almost 7 million.
The 6% year-on-year increase was mainly driven by bookings from the UK and Europe to low cost destinations in Asia.
A trading update for the year showed adjusted earnings [ebitda] rise by 19% to €21.8 million despite a 1% fall in net revenue to €92 million over the previous year.
Net bookings totalled 6.9 million, helped by record booking performances in Asia and Central America.
Chief executive Gary Morrison said: “We achieved a net bookings growth rate of 6% driven primarily by growth in bookings from UK and European travellers to lower cost destinations in Asia, especially in the first half of the year at plus 43% year-on-year and plus 31% on a full year basis.
“This growth was partially offset by weaker demand for higher cost destinations in Europe throughout the year.
“These trends resulted in an 8% decrease in net average booking values year-on-year which reduced revenue growth for the year, as previously communicated to the market in our trading update on 15 October 2024.
“As we exited the year, booking values returned to growth driven primarily by bed price inflation in Asia.”
He added: “Our app-based social strategy has continued to drive growth in the proportion of bookings made by social members (80% in FY 2024 vs 67% in FY 2023) and we saw good growth in app bookings (+16% YoY), contributing to a 7% YoY growth in net margin.
“Our continued focus on tight cost control has resulted in increased operating leverage, with a 19% increase in adjusted ebtida year-on-year.
“We retired our three-year debt facility two years ahead of schedule and returned to a net cash position in the third quarter of 2024, providing a solid foundation for our next phase of growth.
“We will provide a detailed growth strategy and capital allocation update in the second quarter.”
The group plans to report its full year results on March 20.