Hostelworld said despite the continuing recovery of Asia and Oceania regions, bookings were still dragging behind pre-pandemic levels.
September reached 83 per cent of 2019 levels, which was up from 43 per cent in June.
However, net revenue last month reached 104 per cent of 2019 levels, reflecting the sustained growth in average booking value and normalisation of cancellation rates throughout the year.
The travel firm also reported that through continued strong cost discipline and with marketing costs now lower than anticipated, it now expects closing cash balance to be higher than originally expected.
Gary Morrison, Group Chief Executive Officer, said: “I am very encouraged by the clear financial and operational progress we have delivered year to date.
In particular, I am very pleased with the positive trends we are seeing from our innovative ‘Social’ strategy which is driving more customers to use our Apps, and reduced marketing as a percentage of Net Revenue.”
Earlier this year, Hostelworld launched the Solo System – a set of digital social features that helps travellers connect and meet in real life.
The hostel firm said it now expects to finish the year modestly EBITDA positive and with a stronger cash position than originally expected.
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