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Hostelworld, aprominent worldwide social network-driven online travel agency specializing in hostelling, is convening its Annual General Meeting today at 12 noon at the company’s offices located at Charlemont Exchange, Charlemont Street, Dublin 2.
At the AGM, Michael Cawley, Chairman of Hostelworld, will make the following statement:
“I am pleased to report that trading remains consistent with the trends outlined in our March Preliminary Results continuing into 2024. In particular, our highly differentiated social strategy continues to deliver growth in market share whilst marketing costs remain at the low end of the guidance range. Building on 2023’s strong performance, we are confident we can deliver high single-digit booking and revenue growth, in line with company guidance.
Accordingly, the business now expects to repay the remaining €7.5m balance of the AIB term loan by the end of H1 2024, two years ahead of schedule. This early repayment will deliver a cash interest saving of €0.5m, over the remaining lifetime of the facility, and represents another positive milestone for the business. It is also our intention to commence a share purchase programme, in the second half of the year, which will address the dilution to shareholders of shares issued in late April 2024 in connection with the Company’s Long Term Incentive Plan, subject to market conditions.
Hostelworld is well positioned with a product offering that resonates with our customers and a business model characterised by cost discipline and operational excellence. We are on track to deliver on the financial commitments published at our Capital Markets Day in November 2022 and remain confident in the Group’s long-term ability to deliver increased profitability and shareholder value.
I am pleased to announce the appointments of both Paul Duffy as Independent Non-Executive Director and Chair of the Remuneration Committee and Ulrik Bengtsson as Independent Non-Executive Director and Chair Designate of Hostelworld with effect from the conclusion of the AGM. Ulrik will succeed me as Chair when I step down from the Board on 21 October 2024 next.”
Retirement of Chair and Appointment of Independent Non-Executive Directors and Chair Designate
Hostelworld’s Board is delighted to announce the appointment of Mr. Ulrik Bengtsson as Independent Non-Executive Director and Chair Designate, effective from the conclusion of the Company’s AGM on May 2, 2024. Mr. Bengtsson will also serve as a member of the Nomination Committee and Remuneration Committee. Following a transitional period, he will officially assume the position of Chair of both the Board and the Nomination Committee on October 21, 2024, succeeding Mr. Michael Cawley, who will retire from the Board after nine years of dedicated service. Mr. Cawley has been a Non-Executive Director since October 2015 and has chaired both the Board and the Nomination Committee since December 1, 2017.
Mr. Bengtsson brings a wealth of business leadership experience, particularly in online platforms and digital consumer services. His previous roles include serving as Chief Commercial Officer and Chief Operating Officer of Virgin Media O2, CEO and Executive Director of William Hill plc, CEO of Betsson Group, and CEO of Emerging Markets and Swedish divisions of Viasat Broadcasting. Currently, Mr. Bengtsson serves as the Chair of the Board and Remuneration Committee of Raketech Group Holding plc.
Additionally, Hostelworld’s Board is pleased to welcome Mr. Paul Duffy as an Independent Non-Executive Director and member of the Audit Committee, Nomination Committee, and Remuneration Committee, effective from the same AGM. Mr. Carl G. Shepherd will continue to serve as a member of the Remuneration Committee, while Mr. Duffy will take on the role of Remuneration Committee Chair.
Mr. Duffy brings extensive experience as a Chairman and Chief Executive Officer in the consumer and leisure industry, with notable expertise in strategy and branding. His previous roles include Chairman and CEO of Pernod Ricard North America. Currently, Mr. Duffy serves as a Non-Executive Director and Audit Committee Chair, Remuneration Committee member, and Development Committee member of Glanbia, plc. He was also a director of Corby Spirit and Wine Limited until December 2019 and currently serves as a Non-Executive Director of W.A. Baxter & Sons, a UK food processing group.
Mr. Michael Cawley, Chair, commented:
“It has been a privilege for me to serve as Chairman of Hostelworld and I am proud of the achievements of the Board and management team. The business demonstrated its resilience during COVID, subsequently pivoting into a social network OTA, delivering strong growth and a return to profitability. I remain confident in the Company’s long-term ability to enhance shareholder value.
I am pleased to welcome Paul Duffy and Ulrik Bengtsson to the Board and I am confident that under the leadership of Ulrik, who will succeed me as Chair and Nomination Committee Chair from 21 October next, the Company will continue to prosper.”
Mr. Ulrik Bengtsson, Chair Designate, commented:
“I am delighted to be joining the Board of Hostelworld at this stage in its development and I look forward to working with the Board and with the broader management team. I was attracted to the role of Chair because of Hostelworld’s uniquely differentiated proposition as a Social Network powered Online Travel Agent (OTA), the quality of its operating model and the exciting opportunities to continue increasing shareholder value over the coming years.”
This announcement contains all the details mandated from Listing Rules 9.6.11 to 9.6.13. No additional disclosures are needed as per Listing Rule 9.6.13.
The post Hostelworld to Hold Annual General Meeting Welcoming New Chair and Non-Executive Director to Leadership Team at Charlemont Street, Dublin 2 appeared first on Travel And Tour World.
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