Budget accommodation platform Hostelworld plunged into the red after a ‘challenging year.’ The Dublin based firm saw full-year profits sink by €57.3 million as revenues declined 81%.
It posted a loss of €48.9 million in 2020 compared to a profit of €8.4 million in 2019. Bookings dropped significantly from the end of the first quarter of 2020, and it declined to give profit guidance for the year ahead due to ongoing uncertainty.
"We continue to expect the pace of recovery to be driven by changes in travel guidance in individual markets, which we hope to see accelerate as vaccination programmes are rolled out," it said.
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