hostelworld

Hostelworld (LON:HSW) shares rose nearly 5 percent on Wednesday morning, after bookings shot up over the course of 2017.

In a trading update issued on Wednesday morning, the company reported a 6 percent growth in overall bookings for the year. Growth in the second half flagged however, up just 1 percent on the second quarter of 2016.

Bookings on its flagship Hostelworld brand increased by 13 percent over the year, with growth in H2 2017 of 6 percent.

Chief executive Feargal Mooney said: “We are pleased with the performance of the business in 2017.

“During the second half of the year we delivered an efficient booking mix with marketing costs for the full year marginally lower than our previously guided range.

“We continue to execute well on our strategy and this positions the Group well to make further progress in 2018.”

Hostelworld shares are currently trading up 4.24 percent at 375.80 (0845GMT).