TIDMHSW
RNS Number : 2120T
Hostelworld Group PLC
23 March 2021
LEI: 213800OC94PF2D675H41
23 March 2021
Hostelworld Group plc
("Hostelworld" or the "Company")
Publication of Annual Report for 2020 and Notice of 2021 Annual
General Meeting
Annual Report and Accounts
Hostelworld, the world's leading hostel-focused online booking
platform, is pleased to announce that its Annual Report 2020 has
been posted or is being made available to shareholders today.
Annual General Meeting
The Company confirms that its Annual General Meeting will be
held at 12 noon on 26 April 2021 at the offices of the Company,
Floor 2, One Central Park, Leopardstown, Dublin 18, Ireland. A
Circular containing the Chairman's Letter and Notice of 2021 Annual
General Meeting and Form of Proxy has also been posted or is being
made available to shareholders today.
Whilst the AGM will be held at 12 noon on 26 April 2021 at the
Company's head office: Floor 2, One Central Park, Leopardstown,
Dublin 18, Ireland, please note that in light of the COVID-19
pandemic and in anticipation of social distancing measures
remaining in force, it is intended that the meeting will be run as
a closed meeting and shareholders must not attend in person.
Shareholders are therefore strongly encouraged to submit a proxy
vote in advance of the AGM, in accordance with the explanatory
notes set out in the notice of AGM.
Documents available for inspection
The following documents:
-- Annual Report 2020;
-- Circular containing the Chairman's Letter and Notice of 2021
Annual General Meeting;
-- Form of Proxy;
have been submitted to the UK Listing Authority via the National
Storage Mechanism, and the Irish Stock Exchange (trading as
Euronext Dublin), and will shortly be available for inspection at
the following location:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and at:
Companies Announcements Office
Euronext Dublin,
28 Anglesea Street,
Dublin 2
The Annual Report 2020 has also been filed with the Central Bank
of Ireland.
The Annual Report 2020, the Circular containing the Chairman's
Letter and Notice of the 2021 Annual General Meeting and the Form
of Proxy are available on the Company's website at
www.hostelworldgroup.com .
Regulated Information
The information set out in the Appendix, which is extracted from
the Annual Report 2020, is included for the purposes of complying
with DTR 6.3.5 and its requirements on how to make public annual
financial reports. The information in the Appendix should be read
in conjunction with the Company's preliminary results for the year
ended 31 December 2020 released on 17 March 2021 which can be
viewed at www.hostelworldgroup.com . Together, these constitute the
material required by DTR 6.3.5 to be communicated in unedited full
text through a Regulatory Information Service.
Contacts:
Hostelworld Group plc
Caroline Sherry, Chief Financial Officer
John Duggan, General Counsel & Company Secretary
Tel: +353 (0) 1 498 0700
Appendix:
Directors' Responsibilities Statement
The Directors are responsible for preparing the Annual Report
and the Financial Statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare Financial
Statements for each financial year. Under that law the Directors
are required to prepare the Group Financial Statements in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and International
Financial Reporting Standards adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union. The Directors
have elected to prepare the parent Company Financial Statements in
accordance with FRS 101 Reduced Disclosure Framework ("Relevant
Financial Reporting Framework") and applicable law. Under company
law the Directors must not approve the Financial Statements unless
they are satisfied that they give a true and fair view of the
assets, liabilities and financial position of the Group and Company
and of the profit or loss of the Group for that period.
In preparing the parent Company Financial Statements, the
Directors are required to:
-- Select suitable accounting policies and then apply them consistently;
-- Make judgments and accounting estimates that are reasonable and prudent;
-- State whether Financial Reporting Standard 101 Reduced
Disclosures Framework has been followed, subject to any material
departures disclosed and explained in the financial statements;
and
-- Prepare the Financial Statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
In preparing the Group Financial Statements, International
Accounting Standard 1 requires that Directors:
-- Properly select and apply accounting policies;
-- Present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- Provide additional disclosures when compliance with the
specific requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the Group's financial position and financial
performance; and
-- Make an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the Financial Statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the
preparation and dissemination of Financial Statements may differ
from legislation in other jurisdictions.
Responsibility Statement
We confirm that to the best of our knowledge:
-- The Financial Statements, prepared in accordance with the
Relevant Financial Reporting Framework, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole;
-- The Strategic Report includes a fair review of the
development and performance of the business and the position of the
Company and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face; and
-- The Annual Report and Financial Statements, taken as a whole,
are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Company's position and
performance, business model and strategy.
This responsibility statement was approved by the Board of
Directors on 16 March 2021 and is signed on its behalf by:
John Duggan
Company Secretary
16 March 2021
Principal risks and Uncertainties
The Board takes overall responsibility for identifying the
nature and extent of the risks to be managed by the Group to ensure
the successful delivery of its strategic and business priorities.
The Audit Committee monitors certain risk areas and the internal
control system, as set out in the report on governance. The Group's
risk register identifies key risks including any emerging risks and
monitors progress in managing and mitigating these risks and is
reviewed regularly during the year by the Audit Committee and at
least annually by the Board. Emerging risks are identified from
areas of uncertainty, which may not have a significant impact on
the business currently but does have the potential to adversely
affect the Group in the future.
The most material risks facing the Group are set out in the
table below, together with comments on how they are managed to
minimise their potential impact. While the table below is not
prioritised nor an exhaustive list of all risks that may impact the
Group, it is the Board's view of the principal risks at this point
in time. Individually or together, these risks could affect our
ability to operate as planned and could have a significant impact
on revenue and shareholder returns. Additional risks and
uncertainties, including those that have not been identified to
date or are currently deemed immaterial, may also, individually or
together, have a negative impact on our revenue, returns, or
financial condition.
Number Category Description and Impact Management and Mitigation Direction
of change
1 Macro Economic Revenue is derived from the wider In circumstances where events cause Increased
Conditions leisure travel sector. a material decline in consumer
The COVID-19 pandemic and the travel behaviours and patterns
resulting measures, including on a global scale, such as the
travel restrictions, implemented recent COVID-19 pandemic, management
by governments around the world to will take necessary actions
reduce the spread of COVID-19 has to conserve cash.
resulted in an unprecedented There has been an increased and
decline in consumer spending, on-going focus by the Group on
travel and related activities. This liquidity management.
pandemic has adversely affected New sources of debt and equity
our business and the outlook for financing have been secured which
the future remains uncertain at provides additional flexibility
present and it is not yet to support the Group as it recovers
known when international travel from the impact of the COVID-19
will return to normal levels. pandemic.
Perceived or actual economic Our business is a global one, with a
conditions, including slowing or dispersed population of users, and a
negative economic growth, rising geographically dispersed
unemployment rates, set of destinations. Whilst market
weakening currencies, higher taxes conditions may decline in certain
or tariffs could impair customer regions, the globally
spending and adversely diversified nature of the business
affect travel demand. In addition, helps to mitigate this.
events beyond our control such as FX movements may impact travel
unusual or extreme weather, decisions and travel patterns by
travel related health concerns customers, but typically there
including the COVID-19 pandemic is a degree of counterbalancing
mentioned above or travel-related movement e.g. the weakening of the
accidents US dollar against the euro
can disrupt travel and result in means fewer US travellers visiting
declines in travel demand. Because the Eurozone, but decreased
these events or concerns marketing costs from USD denominated
are largely unpredictable, suppliers such as Google. FX
influencing customer demand and translation risk is mitigated
behaviour, they can adversely through matching foreign currency
affect cash outflows and foreign currency
our business and results of cash inflows and by minimising
operations. holdings of excess noneuro
Significant movements in FX rates currency above anticipated outflow
can have a material impact on requirements.
travel demand and travel patterns
therefore impacting revenue.
------------------- ------------------------------------ ------------------------------------- -----------
2 Working Capital Resulting from the detrimental When COVID-19 began there was a Increased
Investment and impact that COVID-19 has had on the robust assessment taken by Directors
Going Concern travel sector there of principal risks facing
has been a significant impact on the Group including those that
our working capital resources, threaten its business model, future
which creates a risk that performance, solvency or liquidity.
the Group will not be able to New funding was received through an
continue in operation and meet its equity raise and debt
liabilities as they fall financing.
due. The Group has prepared a The Group is focused on cash
five-year budget which assumes a forecasting, tight cost control and
return to growth. managing supplier and customer
There is a risk that the travel relationships.
sector will not return to trading Key metrics and reporting reviewed
volumes in line with expectations. regularly in management accounts and
Our ability to invest and grow is at management meetings.
further constrained by our
financial resources.
------------------- ------------------------------------ ------------------------------------- -----------
3 Capital The Group has reviewed its capital The Group engaged with large firm Increased
Structure structure and strengthened its corporate finance advisers to review
capital base with two landmark and discuss the
transactions in June 2020: optimal capital structure.
-- Equity Placing The Group has performed weekly
-- Debt Raising forecasting of cash resources and
Since the IPO in 2015, the Group monitored closely the covenants
had neither placed equity nor and obligations caused by any debt
raised debt. These two transactions agreements in place. Monthly
carry inherent risks. Equity reporting has been put in place to
placing leads to higher scrutiny ensure the terms of the new
from shareholders both term loan facility and related
participating reporting requirements are adhered
and non-participating. to.
In 2021 the group entered a new
term loan facility for EUR30m.
Debt, by creating repayment
obligations and covenants, requires
constant monitoring of the Group's
leverage and
liquidity.
------------------- ------------------------------------ ------------------------------------- -----------
4 Impact of The continued threat of terrorist Our target 18-34-year-old population Unchanged
terrorism threat attacks in key cities and on tend to be both flexible as to
on leisure travel aircraft in flight may reduce destination, and are less
the risk adverse.
appetite of the leisure traveller
to undertake trips particularly to
certain geographies,
resulting in declining revenues.
Increased incidence of terrorism
impacts consumer confidence and can
shift demand away from
certain destinations.
------------------- ------------------------------------ ------------------------------------- -----------
5 Competition The risks posed by competition Execution of roadmap for growth and Increased
could adversely impact our market capitalise on our unique market
share and future growth of position, this
the business, these include: involves:
-- Supply: competition from direct -- Targeting new customer
competitors, alternative acquisition and growing the most
accommodation operators and profitable customer cohorts (with
disruptive focus on CLV/CAC) by optimising
new entrants leading to a loss of overall marketing investment.
key accommodation -- Strengthening the Group's core
suppliers. platform in order to improve its
-- Customers: changes in customer flexibility and the experience
behaviour leading to a loss in of our customers.
customer traffic and demand -- Upgrading our third-party
for our services and / or increase platform connectivity in order to
in customer acquisition costs. defend our competitive position.
Consumer preferences could -- Focus on expanding our global
change as a result footprint, meeting emerging demand
of the COVID-19 pandemic which may while also strengthening
be disadvantageous to our business our overall product offering.
and may benefit existing -- Leveraging the capabilities of
and new competitors. With global our partnerships with Goki Pty
travel restrictions, there may be a Limited and Counter App Limited
shift towards domestic to ensure we are delivering best in
travel and alternative class and most advanced tech-based
accommodations. solutions for our customers
-- There has been a rise in and hostel partners.
cancellations and vouchers issued
in lieu of cash refunds for
the Group and with our competitors.
This increases competition for the
Group as it locks customers
into those companies issuing the
credit notes, thereby potentially
reducing the demand for
the Group's offering.
-- Technology and Product: Over
recent years the ever-increasing
pace of change of new technology,
new infrastructure and new software
offerings have changed how
customer's research, purchase
and experience
travel. Notable shift changes
include mobile networks, mobile
applications, meta-search
providers,
display advertising, social
communities etc.
Unless we continue to stay abreast
of technology innovation and
change, we
risk becoming irrelevant to the
modern customer.
------------------- ------------------------------------ ------------------------------------- -----------
6 Search Engine A large proportion of traffic to The Group invests heavily in Unchanged
Algorithms our websites is generated through recruiting and retaining key
internet search engines personnel with the requisite skills
such as Google, from non-paid and capabilities in paid and nonpaid
(organic) searches and through the search. This in-house expertise is
purchase of travel related supplemented by the
keywords (paid search). deployment of leading
We therefore rely significantly on technology tools. The search
practices such as Search Engine marketing team works closely with
Optimisation ("SEO") Google to understand
and Search Engine Marketing ("SEM") any changes in functionality to the
to improve our visibility in AdWords platform so that we can
relevant search results. avail of any efficiencies
Search engines, including Google, in our search traffic. The Group
frequently update and change the participates in alpha and beta
logic that determines the feature tests that give Hostelworld
placement and display of results of first mover advantage with new
a user's search, which can functionality that can help drive
negatively impact placement efficiency.
of our paid and organic results in
search results. This could result
in a decrease in bookings
and
thus revenue. It could also result
in having to replace free traffic
with paid traffic, which
would negatively impact margins.
------------------- ------------------------------------ ------------------------------------- -----------
7 Brand Consumer trust in our brand is We are focused on investing in our Unchanged
essential to ongoing revenue core products, platform and
growth. Negative publicity around technological capabilities
our products or services could to support our brand proposition as
negatively impact on traveller and well as actively managing our brand
accommodation provider confidence portfolio through social media
and result in loss of revenue. channels. Our customer service team
Negative publicity could impact strive to ensure that customers
brand perception and consumer have a positive experience at all
loyalty and ultimately revenue. stages of interacting with us. The
Our exceptional refund policy for Group has a Crisis Management Policy
COVID-19 refunds has the potential in place which includes
to adversely affect our appropriate escalation.
brand.
------------------- ------------------------------------ ------------------------------------- -----------
8 Data Security We capture personal data from our Hostelworld are Level 1 PCI Increased
customers, including credit card compliance with the guidelines of
details and retain this the payment card industry.
on our systems. There is always a Through 2020 we performed a lot of
risk of a cyber security related work to comply with certain aspects
attack or disruption, including of Payment
by criminals, hacktivists or Services Directive 2 ("PSD2") in
foreign 2021 as it relates to customer
governments on our systems or those payment - customer authentication
of third-party suppliers. security measures.
Cybercrime including unauthorised Hostelworld works closely with
access to confidential information internal and external audit
and systems would have significant functions to ensure that our system
reputational impact architectures, work processes and
and could result in financial policies are in place to provide as
and/or other penalties. much protection as possible.
The shift to remote working during We have a privacy compliance
COVID-19 (beginning 12 March 2020) programme to align with our on-going
changed the risk obligations under GDPR and
profile of certain data processing have invested in our own data
activities and gives rise to protection resources to monitor
ongoing data security compliance including the onboarding
challenges and a widening threat of bespoke privacy management
landscape more targeted at endpoint software in mid-2020. Our Data
controls. Protection Officer ("DPO") is
As we plan for a level of return of responsible for informing, advising
colleagues to our offices, the and monitoring compliance on all
COVID-19 Return to Work matters relating to the
Protocol (Ireland) and Working protection of personal data in the
Safely During Coronavirus Group. We regularly review our
Guidelines (UK) require us to employee information
capture security policy and we continue to
from colleagues and office invest in information security
visitors, new categories of training for all staff so
sensitive personal health data that that they remain vigilant and alert
we would not have obtained before. to the possibility of cybercrime.
The General Data Protection We reviewed the impact on servers of
Regulation ("GDPR") places increased remote access loads with
significant data security and teams working from
regulatory compliance obligations home. We issued guidance to
on us when all colleagues during COVID-19
processing such data. regarding
Third party vendors that we engage the personal data and data security
with may not have the appropriate implications of the pandemic and new
Information Security remote
controls in place leading to a working along with enhanced
potential breach of customer data. procedures
For 2021, Hostelworld plan to for accessing company data while
migrate parts of the e-commerce working
platform to the Cloud. Whilst remotely.
risk is minimal, there still is We provide data security training
risk that security for all staff.
gaps may manifest during the We perform due diligence of our
migration. third-party suppliers who process
our personal data including
heightened information security due
diligence.
------------------- ------------------------------------ ------------------------------------- -----------
9 Regulation The global nature of our business Monitor regulatory matters in Increased
means we are exposed to issues locations in which we provide
regarding competition, licensing services with a particular
of local accommodation, language focus on those areas where we have
usage, web-based trading, consumer local operations.
compliance, tax, intellectual Suitable experienced resources have
property, trademarks, data been engaged to ensure consumer
security and commercial disputes in compliance
multiple jurisdictions. requirements, compliance with the
Compliance with new regulations can Listing Rules, the FRC Corporate
mean incurring unforeseen costs, Governance Code and the
and noncompliance could Market Abuse Regulations.
result in penalties and A detailed analysis of the Group's
reputational damage. approach to offering vouchers to
COVID-19 has led to increased focus certain customers
by consumer rights regulators on concluded that the Group's approach
the online sales practices was aligned with the principles
of tourism and travel focused reflected in the EU
companies and may have an impact on Commission recommendations on
the Group's brand if the vouchers for cancelled package
Group's sales practices were travel and transport services
investigated and assessed to be published on 13 May 2020.
noncompliant. In line with guidance from the Irish
COVID-19 has heightened our and UK governments, we have
obligations under employment and developed a robust
health and safety laws to protect COVID-19 Response Plan including
the safety, health and welfare of adopting protocols around returning
colleagues in the workplace. colleagues back to the
GDPR imposes particular compliance office environment.
obligations with respect to our Rolled out an effective refund
COVID-19 management and risk policy and
response measures with risk of procedure to deal with individual
fines and other enforcement consumer complaints and those from
mechanisms being imposed by a data consumer regulators. Our response to
protection authority. requests and complaints
Our position on customer refunds is informed by a cross-departmental
may give rise to customer risk assessment.
complaints to consumer regulators The Group have been working with the
such as the Irish Competition and Central Bank of Ireland to ensure
Consumer Protection Commission or the group are complaint
UK Competition and Markets with the PSD2 EU Directive.
Authority who have a range of
enforcement powers including fines.
PSD2 is a new EU Directive that
applies to payment services in the
EU. The deadline for the
Group to incorporate and be
compliant with this Directive was
31 December 2020.
------------------- ------------------------------------ ------------------------------------- -----------
10 Tax The taxation of e-commerce In collaboration with our tax Increased
businesses is constantly being advisers, a large professional
evaluated and developed by tax services firm, we assess possible
authorities tax impacts in the jurisdictions in
around the world. There is a risk which we operate to ensure our tax
relating to the identification of obligations are aligned
and evaluation of tax to the operational nature of our
legislative changes and the business.
impact of these on the Group. Transactions and mergers and
Due to the global nature of our acquisitions work are properly
business, tax authorities in other documented with support from tax
jurisdictions may consider advisers. Transfer pricing is
that taxes are due in their regularly reviewed and updated to
jurisdiction, for example because reflect Group structure and
the customer is resident in most recent guidance.
that jurisdiction or the travel
service is
deemed to be supplied in such
jurisdiction.
If those tax authorities take a
different view than the Group as to
the basis on which the
Group is subject to tax, it could
result in the Group having to
account for tax that it currently
does not collect or pay, which
could have a material adverse
effect on the Group's financial
condition and results of operation
if it could not reclaim taxes
already accounted for in
the jurisdictions the Group
considers relevant. Changes to tax
legislation or the interpretation
of tax legislation or changes to
tax laws based on recommendations
made by the OECD in relation
to its Action Plan on Base Erosion
and Profits Shifting ("BEPS") or
national governments may
result in additional material tax
being suffered by the Group.
We are currently monitoring the
introduction of the digital
services taxes, and its impact
on our Group.
------------------- ------------------------------------ ------------------------------------- -----------
11 Business Failure in our IT systems or those As an e-commerce organisation, the Increased
Continuity on which we rely such as third Group's
party hosted services could business continuity plan focusses on
disrupt availability of our booking the continued operation of consumer
engines and payments platforms, or facing products and
availability of administrative related services to ensure our
services at our office locations, e-commerce trading systems can
with an adverse impact to our continue
customer service. to process bookings. Our fully
The outbreak of COVID-19 led to distributed and redundant
substantial business and architecture across two data centres
operational disruptions across based in two different countries
the Group and resulted in supports this approach. The Group
Hostelworld and our third-party has
suppliers seeking to suspend or worked with external advisers to
be excused from certain contractual produce robust documented business
obligations. continuity and disaster
recovery capabilities. We have also
extended our eCommerce Business
Continuity Plan("BCP")
to include our corporate offices.
Across 2021 we will carry out
targeted business continuity testing
by business unit to ensure
our systems and processes are
effective as possible.
As part of COVID-19 BCP invocation
all employees have been working from
home via Hostelworld
secured endpoint devices that were
configured and rolled out in 2020.
All
teams had tested access and
functionality and only small
adjustment was needed to have all
teams operational very quickly. All
laptops are encrypted and protected
with
anti-virus and anti-malware
software.
We updated our standard supplier
terms in early 2020 to provide more
robust and comprehensive
contractual provisions regarding
force majeure (covering epidemics/
pandemics) and BCP (requiring
suppliers to implement the
provisions of our BCP at any time).
------------------- ------------------------------------ ------------------------------------- -----------
12 People The Group is dependent on ability The Group has developed stronger Increased
to attract, retain and develop recruitment processes supported by
creative, committed and skilled effective HR policies
employees so as to achieve its and people process to enable the
strategic objectives. attraction and retention of key
Due to the possibility of a long talent.
recovery period for the travel The Group has increased focus on
industry resulting from the understanding the drivers of
COVID-19 pandemic and the employee engagement and are
redundancies and restructurings committed to taking action to
which have taken place within the improve employee engagement levels.
company, employees may not view Robust external benchmarking
employment with us as positively as has ensured there is understanding
they did of the competitiveness of the reward
prior to the pandemic. This may offering and
adversely affect our ability to additional investment in 2019 and
attract and retain highly 2020 aims to reduce voluntary
skilled employees. attrition.
The Group operates from five global
offices, which provides flexibility
for location of key
talent, thereby opening up a larger
talent pool to select from. A move
to increased remote
working would further enhance this.
A non-executive director fulfils a
workforce engagement role as set out
in the 2018 UK Corporate
Governance Code.
------------------- ------------------------------------ ------------------------------------- -----------
13 Brexit The Group is exposed to The Group is a global business and Increased
Brexit-related risks and continues to grow its international
uncertainties in relation to its footprint and
continued presence across its key markets.
impact on global markets and Through continued international
currency exchange rate expansion and
fluctuations. The uncertainties in diversification, the Group will seek
relation to naturally mitigate the impacts of
to the movement of people may Brexit. However,
result in the reduction of bookings the Group will continue to assess
particularly into and from the impacts of Brexit and implement
the UK travel market and from UK any necessary remediation
nationals which could impact on steps to mitigate its impact on the
Group revenue. In the year Group.
ended 31 December 2020, the UK as a Hostelworld has in place with all
destination represented 6% of total Group companies, an intra-group data
Group bookings (2019: transfer agreement
6%) and 16% of Group bookings were with EU Commission-approved
from UK nationals (2019: 14%). Model Clauses, one of the approved
Overall a decline in macroeconomic data transfer mechanisms under the
conditions GDPR - HW UK is a party
in the UK could negatively impact to this agreement. Hostelworld has
consumer confidence and reduce also prepared GDPR compliant data
spending in all areas protection supplemental
including the wider leisure travel contract addendums for UK suppliers
sector. which will provide appropriate
On 1 January 2021, the UK became a safeguards and mechanisms
third country for the purposes of to ensure data transfers to the UK
the GDPR and any transfer are GDPR compliant.
of personal data to HW UK or a
supplier must now comply with the
data transfer rules in the
GDPR. Failure to comply can lead to
fines from the regulator and a
negative impact on market
reputation.
------------------- ------------------------------------ ------------------------------------- -----------
14 Climate Climate change and sustainability Climate change issues may impact Increased
Change and came into travel decisions and travel patterns
Sustainability sharp focus in 2019 and has further by customers but is
evolved as an area of heightened mitigated to the extent that our
concern with consumers business is a global one, with a
and stakeholders in 2020. dispersed population of
There is a request for more users, and a geographically
accountability from our customers, dispersed set of destinations.
employees, other stakeholders We aim to offset our carbon
as to what the Group is doing to footprint through a number of
limit its indirect impact on initiatives. In 2020, we became
climate change. a signatory on the Global Tourism
Plastics Initiative led by the UN
Environment programme
and the World Tourism Organisation.
Our goal is to encourage our hostel
partners to sign up
with the aim of reducing their
single use plastics consumption. We
have also taken steps to
reduce our plastic consumption as a
Group.
Prior to COVID-19, we made efforts
to reduce our plastic consumption
through initiatives such
as purchasing reusable water bottles
for the office, ordering fresh fruit
and other perishables
from suppliers who use fully
recyclable packaging.
------------------- ------------------------------------ ------------------------------------- -----------
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