The online hostel booking platform warned investors that earnings for 2019 are expected to be worse than the previous year due to higher costs and the "highly competitive" market.

Online booking site Hostelworld has seen its shares slump as it warned of a hit to bookings after the World Cup and European heatwave dented demand.

Online accommodation booking company Hostelworld is understood to be closing in on finding a replacement for chief financial officer Mari Hurley, who announced her resignation late last year.