Bonus pay rises 12-fold at online firm

Bonus payments to the four executives leading online travel firm hostelworld.com last year increased more than 12-fold to over €600,000, figures show.

Accounts filed with the Companies Office show that Dublin-based hostelworld.com chief executive Feargal Mooney, along with three other executives, shared the €607,000 bonus payments after the company behind the site increased operating profits by 19%, from €7.6m to €9.1m, in the 12 months to the end of December last.

The holding firm which operates hostelworld.com, H&F Wings Lux 1 SARL, recorded a pre-tax loss of €15.3m last year after finance expenses of €24.4m are taken into account. This loss followed a pre-tax loss of €15.9m in 2010