Hostelworld chief financial officer to step down

Irish travel website Hostelworld has announced that Mari Hurley is to resign as chief financial officer.

The company informed the Irish Stock Exchange of the development on Tuesday, and said Ms Hurley would leave the firm “to pursue a new opportunity” during the first half of 2018.

Hostelworld chief executive Feargal Mooney said the company was actively searching for a replacement.

“The board is very grateful to Mari for her significant contribution to Hostelworld over many years with the group,” he said.

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“She has played a major role during a period that has seen much successful change and growth for Hostelworld, including the company’s joint listing on the London Stock Exchange and Irish Stock Exchange in 2015.

“The board wishes Mari well for the future and I look forward to continuing to work with her over the coming months as we appoint a successor.”

Ms Hurley said she was leaving the company in good condition. “After more than 10 years with Hostelworld it is time for me to pursue a new opportunity,” she said.

“The business has travelled a great distance since I joined and is very well positioned to make further strong progress in its international markets.

“I look forward to continuing in my current role over the coming months and I wish Feargal, my other board colleagues and everyone at the group well for the future.”

Hostelworld also said it anticipates the group’s results for the year ended December 31st, 2017, will be in line with its expectations. It intends to release its pre-close trading update on January 24th.

In a note, an analyst with Davy said Hostelworld had “grown strongly” and built a highly cash generative earnings model in the ten years Ms Hurley had been with the company.

“The statement also notes that group results for the year to end-December are expected to be in line with expectations. In this context, our forecasts imply revenue growth of 7 per cent to €86.2 million and adjusted EBITDA growth of 6 per cent to €25.5 million.”