Pre-tax profits at hostel booking website Hostelworld.com Ltd last year rose 23% to €1.79m, accounts show.
According to filings just lodged by Hostelworld.com Ltd with the Companies Office, revenues at the firm last year increased by 16.5% going from €49.6m to €57.79m.
Numbers employed by the firm last year rose from 146 to 163.
Hostelworld.com is the world’s number one hostel booking website and the leading brand of the Web Reservations International firm.
It was co-founded by serial entrepreneur, Ray Nolan in 1999.
Web Reservations International was sold to private equity firm Hellman Friedman in 2009 resulting in a major pay day for Mr Nolan.
Today, hostelworld.com lists 27,000 properties in 180 countries and is the leading provider of online reservations for the budget and youth travel market.
The directors’ report considered “that the overall business performed satisfactorily during the year covered by the financial statements”.
The directors state “the company plans to continue to focus on providing software and data- processing services and anticipates increased revenues arising from expansion within worldwide markets”.
The firm’s operating profits last year rose 33% going from €1.58m to €2.1m with the firm’s net interest payments more than doubling last year to €313,719.
A breakdown of the firm’s revenues show that the company generated €36.94m in Europe, €10.82m in the Americas and €10.22m in Asia, African and Oceania.
At the end of last year, the firm had 106 employed in administration and sales with an additional 57 in website and software development.
Staff costs last year rose 8% going from €9m to €9.77m.
The profits take account of website and technology costs of €25.2m; sales and marketing costs of €21.58m; other administrative expenses of €3.56m and non-cash depreciation costs of €493,753.
Directors’ remuneration last year reduced from €767,117 to €593,101. The firm’s operating lease rentals last year rose from €571,016 to €582,587.
The firm’s cash pile rose almost fivefold going from €3.4m to €16.56m.
The firm had net liabilities of €201.95m and a note attached to the accounts states that parent, H&F Wings Lux has committed to continue to provide financial support.
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