Latest news with #GaryMorrison
Irish Times
6 days ago
- Business
- Irish Times
Hostelworld shares slump amid ‘underwhelming' trading in first half of year
Hostelworld , the hostel booking group that targets millennial and Gen-Z backpackers, saw its shares slumped in early trading on Thursday after saying its net bookings and revenues were flat in the first six months of the year. Still, the Dublin-based group's chief executive Gary Morrison said that he has been encouraged by more positive booking trends in June. Davy analyst Paul Ruddy characterised the start to the year as 'underwhelming'. Shares in Hostelworld fell as much as 11 per cent to £1.26 in early deals in London, where most of the trading activity in the stock takes place. READ MORE Net revenue for the six months amounted to €46.7 million, unchanged compared to the same period last year, while net bookings were also flat, at 3.7 million, and the average booking value dipped 1 per cent to €13.40. [ Hostelworld to return dividend for first time since before pandemic Opens in new window ] However, June booking volumes and average booking values were up in June, boosted by a strong pick-up in demand among European travellers for beds on the continent – helped by a modest decline in bed prices. Last year had seen travellers shift bookings towards low-cost destination in Asia and central America. 'Trading over the last six months has been in line with expectation,' said Mr Morrison. 'Although trading in the first half showed mixed results across regions and channels, we are encouraged by the positive trends observed in June.' Hostelworld said in a strategy update in April that it plans to return to paying dividends this year for the first time since before the Covid-19 pandemic, as the hostel-booking group also eyes 'selective' deals to broaden its business. It aims to return to a progressive dividend policy of 20-40 per cent of net profits, starting with an interim payment in the second half of this year. The group reached an important milestone in 2023 when it repaid €28.8 million of high-cost loans drawn down from US specialist lender HPS Investments three years ahead of schedule. This was facilitated with the help of €17.4 million of much cheaper loans from AIB, all of which has since been paid back ahead of schedule. The company also agreed with Revenue early last year to repay €9.6 million of warehoused taxes, racked up during the Covid-19 pandemic, over the next three years.
Daily Record
16-05-2025
- Entertainment
- Daily Record
Galleon leisure centre to host Kilmarnock pantomime this year
The big top circus tent won't be returning to town this year. Kilmarnock's annual pantomime will be held in the Galleon this year. Sleeping Beauty will be performed in the leisure centre as renovation work continues on the Palace Theatre. Last year's festive show was held at a big top tent at Ayrshire Athletics Arena. The giant circus tent was ripped down during a red weather warning sparked by Storm Eowyn in January this year. This year's panto will move back to the town centre a new "purpose-built auditorium Galleon Auditorium". The show will run from November 28 to December 28 and promises to feature "Imagine Theatre's breathtaking state-of-the-art digital set, creating a dazzling visual spectacle to transport you straight into a fairytale world full of laughter, adventure, and festive fun for all ages." However, Kilmarnock panto mainstay Gary Morrison won't be returning to Ayrshire this festive season after a decade of shows in the town after joining a panto cast in Dunfermline. Ayrshire panto legend Eric Potts will be heavily involved in this year's production again. He said: 'I am thrilled to be writing and acting as Associate Producer on this year's production of Sleeping Beauty. Having been born and brought up in Irvine it is a real joy to be so involved with Ayrshire's premier panto. The plans for the performance space in the Galleon Centre are really exciting and will transport our audiences to the mystical and mythical Caprington Castle! Come and join the Killie gang for another mad-cap, magical panto adventure! 'We're incredibly excited to welcome audiences to the brand-new Galleon Auditorium for this year's pantomime. This purpose-built space within the Galleon Leisure Centre has been designed to deliver a truly immersive theatre experience, and we can't wait for families to enjoy the magic of Sleeping Beauty in this new venue. This year promises even more sparkle, laughter, and a festive touch of fairy tale magic, right in the heart of the town.' When the wicked Fairy Carabosse places an evil curse on Princess Beauty causing her to prick her finger on the spindle of a spinning wheel, will brave Prince Connor be able to save her before the 100 year curse comes true? Join the Killie panto gang for an adventure filled with excitement, fun and even an evil dragon! Don't miss the spellbinding, magical family pantomime Sleeping Beauty! Tickets start from just £15.50 and go on sale Wednesday, May 21 via
The Independent
13-05-2025
- Business
- The Independent
This travel hack could make the price of a hotel room cheaper
A surge in solo travellers, particularly those flocking to affordable hostels in Asia, is reshaping the travel industry, according to Hostelworld's CEO Gary Morrison. The industry has historically focused on couples, often overlooking the needs and desires of individual adventurers, he said. The shift is fuelled by a rise in "solo by circumstance" travel, where individuals find themselves alone due to life changes like relocation or relationship breakups, rather than a deliberate choice to travel solo, he said. 'To a large extent, the travel industry has been kind of closed off to solo travellers and it doesn't really cater to them,' Mr Morrison said. 'Every single hotel room is for two people. 'I think, in the longer term, other parts of the travel industry will start catering to solo travellers – which is, to stop charging them for two-person rooms.' Hostelworld, which is a platform for hostels around the world, has been involved in the social side of travel through its chat room app which launched after the Covid pandemic. It works by connecting people who have booked into hostels in a particular destination, allowing them to co-ordinate plans or find like-minded people staying in the same place. Bookings data from the platform show the proportion of solo travellers had risen from 57 per cent in 2021 to 63 per cent in 2024. Furthermore, young female backpackers have become the fastest-growing group, spurred on by increasing opportunities to group up with others or enhanced safety measures including the availability of female-only hostel dormitories. Mr Morrison said the 'vast majority' of European travellers were going to Asia, particularly Thailand, because of the appeal of cheaper hostel rooms and living expenses. He admitted that the shift 'obviously hurts revenues' for Hostelworld, which last month said its average booking values had dropped from €14.36 (£12.26) in 2023 to €13.21 (£11.28) in 2024. Mr Morrison said the company had set its sights on creating the 'world's largest travel network'. It does not make money from people using the chat function, but the engagement is seen as driving bookings as people recommend hostel stays, or even make cheap bookings in order to access the feature.
The Independent
05-05-2025
- Business
- The Independent
Solo female backpackers driving travel industry shift, hostel platform boss says
Solo travellers swarming destinations in Asia for cheap hostels are driving a shift in the travel industry which has long catered to couples, the boss of Hostelworld has said. Gary Morrison said the travel industry has had a long period of being 'closed off' to people going on trips alone. He suggested the shift was being driven by an increase in being 'solo by circumstance, not by design', such as people moving cities, or their circumstances changing such as breaking up with a partner. 'To a large extent, the travel industry has been kind of closed off to solo travellers and it doesn't really cater to them,' Mr Morrison told the PA news agency. 'Every single hotel room is for two people.' 'I think, in the longer term, other parts of the travel industry will start catering to solo travellers – which is, to stop charging them for two-person rooms,' Mr Morrison said. Hostelworld, which is a platform for hostels around the world, has been involved in the social side of travel through its chat room app which launched after the Covid pandemic. This works by connecting people who have booked into hostels in a particular destination, allowing them to co-ordinate plans or find like-minded people staying in the same place. Bookings data from the platform show the proportion of solo travellers had risen from 57% in 2021 to 63% in 2024. Furthermore, young female backpackers have become the fastest-growing group, spurred on by increasing opportunities to group up with others or enhanced safety measures including the availability of female-only hostel dormitories. Mr Morrison said the 'vast majority' of European travellers were going to Asia, particularly Thailand, because of the appeal of cheaper hostel rooms and living expenses. He admitted that the shift 'obviously hurts revenues' for Hostelworld, which last month said its average booking values had dropped from 14.36 euros (£12.26) in 2023 to 13.21 euros (£11.28) in 2024. The chief executive, who said his own love of travel inspired him to join Hostelworld, said the company had set its sights on creating the 'world's largest travel network'. It does not make money from people using the chat function, but the engagement is seen as driving bookings as people recommend hostel stays, or even make cheap bookings in order to access the feature. Mr Morrison said the company had ambitious plans to use artificial intelligence (AI) to tap into bookings patterns and conversations between travellers, and develop a better understanding of what people are doing on their trips abroad. He also revealed plans for the platform to expand beyond hostels and into other budget accommodation. Investing in the new features, coupled with the shift away from higher-cost destinations, will result in a 'crunch' period for the company, but is expected to result in longer-term sales growth.
The Independent
05-05-2025
- Business
- The Independent
The travel trend that could make the price of a hotel room cheaper
A surge in solo travellers, particularly those flocking to affordable hostels in Asia, is reshaping the travel industry, according to Hostelworld's CEO Gary Morrison. The industry has historically focused on couples, often overlooking the needs and desires of individual adventurers, he said. The shift is fuelled by a rise in "solo by circumstance" travel, where individuals find themselves alone due to life changes like relocation or relationship breakups, rather than a deliberate choice to travel solo, he said. 'To a large extent, the travel industry has been kind of closed off to solo travellers and it doesn't really cater to them,' Mr Morrison said. 'Every single hotel room is for two people. 'I think, in the longer term, other parts of the travel industry will start catering to solo travellers – which is, to stop charging them for two-person rooms.' Hostelworld, which is a platform for hostels around the world, has been involved in the social side of travel through its chat room app which launched after the Covid pandemic. It works by connecting people who have booked into hostels in a particular destination, allowing them to co-ordinate plans or find like-minded people staying in the same place. Bookings data from the platform show the proportion of solo travellers had risen from 57 per cent in 2021 to 63 per cent in 2024. Furthermore, young female backpackers have become the fastest-growing group, spurred on by increasing opportunities to group up with others or enhanced safety measures including the availability of female-only hostel dormitories. Mr Morrison said the 'vast majority' of European travellers were going to Asia, particularly Thailand, because of the appeal of cheaper hostel rooms and living expenses. He admitted that the shift 'obviously hurts revenues' for Hostelworld, which last month said its average booking values had dropped from €14.36 (£12.26) in 2023 to €13.21 (£11.28) in 2024. Mr Morrison said the company had set its sights on creating the 'world's largest travel network'. It does not make money from people using the chat function, but the engagement is seen as driving bookings as people recommend hostel stays, or even make cheap bookings in order to access the feature.
