RNS Number : 5054H

Hostelworld Group PLC

06 April 2022

LEI: 213800OC94PF2D675H41

6 April 2022

Hostelworld Group plc

("Hostelworld" or the "Company")

Publication of Annual Report for 2021 and Notice of 2022 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 2021 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 Wednesday 11 May 2022 at the offices of the Company, Floor 3, Charlemont Exchange, Charlemont Street, Dublin 2, Ireland. A Circular, containing the Chairman's Letter and Notice of 2022 Annual General Meeting, and a Form of Proxy have also been posted or are being made available to shareholders today.

Documents available for inspection

The following documents:

   --       Annual Report 2021; 
   --       Circular containing the Chairman's Letter and Notice of 2022 Annual General Meeting; and 
   --       Form of Proxy; 

have been submitted to the Financial Conduct 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 locations:


and at:

Companies Announcements Office

Euronext Dublin,

28 Anglesea Street,

Dublin 2

The Annual Report 2021 has also been filed with the Central Bank of Ireland.

The Annual Report 2021, the Circular containing the Chairman's Letter and Notice of the 2022 Annual General Meeting and the Form of Proxy are available on the Company's website at www.hostelworldgroup.com.

Regulated Information

In accordance with DTR 6.3.5(1A), the unedited full text of the regulated information required to be made public under DTR 4.1 is contained within the 2021 Annual Report which has been uploaded to the National Storage Mechanism and is available on the Company's website www.hostelworldgroup.com.

The information set out in the Appendix, which is extracted from the Annual Report 2021, is included for the purposes of complying with Regulation 33(5)(b)(ii) of the Irish Transparency Regulations 2007 (as amended) 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 2021 released on 31 March 2022 which can be viewed at www.hostelworldgroup.com. Together, these constitute the material required by Regulation 33(5)(b)(ii) to be communicated in unedited full text through a Regulatory Information Service.


Hostelworld Group plc

Caroline Sherry, Chief Financial Officer

John Duggan, General Counsel & Company Secretary

Tel: +353 (0) 86 022 3553


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 UK-adopted international accounting standards and applicable law. The Directors have also elected to prepare the Group financial statements in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and 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 30 March 2022 and is signed on its behalf by:

John Duggan

Company Secretary

30 March 2022

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 may have the potential to adversely affect the Group in the future.

The Group's risk register process is based upon a standardised approach to risk identification, assessment and review with a focus on mitigation. Each risk identified is subject to an assessment incorporating likelihood of occurrence and potential impact on the Group.

The Group's risk register is subject to review by the Executive Leadership Team ('ELT') prior to reporting to the Audit Committee and Board.

The Board has reviewed the principal risks and uncertainties against the on-going impact of the COVID-19 pandemic. The Board has ensured that all relevant risks were updated accordingly to incorporate the adverse effect the pandemic has had on the business and results of operations. The Board also recognises the continuing levels of uncertainty and risk of further pandemics and together with management continues to closely monitor and assess the Group's risks. In their review the Board have also taken into account inflationary pressures which contribute to a rising cost base.

The most material risks facing the Group are set out in the following table, together with comments on how they are managed to minimise their potential impact. While the following table 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.

The Board also considered its obligations in relation to providing both the annual viability and going concern statements and its conclusions can be found in the Directors Report to the annual report and within note 1 to the consolidated financial statements within the annual report.

 No   Category         Description and Impact                                        Management and Mitigation                                     Direction 
                                                                                                                                                   of change 
 1    Macro-Economic   Revenue is derived                                            In circumstances where                                        Increased 
       Conditions       from the wider leisure                                        events cause a material 
                        travel sector.                                                decline in consumer 
                        The COVID-19 pandemic                                         travel behaviours 
                        and the resulting                                             and patterns on a 
                        measures, including                                           global scale, such 
                        travel restrictions,                                          as the COVID-19 pandemic, 
                        implemented by governments                                    management will take 
                        around the world to                                           necessary actions 
                        reduce the spread                                             to conserve cash. 
                        of COVID-19 has resulted                                      There has been an 
                        in an unprecedented                                           increased and on-going 
                        decline in consumer                                           focus by the Group 
                        spending, travel and                                          on liquidity management. 
                        related activities.                                           New sources of debt 
                        This pandemic has                                             financing were received 
                        adversely affected                                            in February 2021 which 
                        our business and the                                          provides additional 
                        outlook for the future                                        flexibility to support 
                        remains uncertain                                             the Group as it recovers 
                        at present with the                                           from the impact of 
                        extent of the pandemic                                        the COVID-19 pandemic. 
                        and the effect on                                             Our business is a 
                        our business still                                            global one, with a 
                        unknown. The impact                                           dispersed population 
                        is dependent on future                                        of users, and a geographically 
                        developments such                                             dispersed set of destinations. 
                        as the resurgence                                             Whilst market conditions 
                        of the COVID-19 virus,                                        may decline in certain 
                        impact of vaccines                                            regions, the globally 
                        and the duration and                                          diversified nature 
                        severity of travel                                            of the business helps 
                        bans, and lockdowns                                           to mitigate this with 
                        put in place by governments.                                  c.50% of destination 
                        It is not yet known                                           markets in Europe 
                        when international                                            and c.50% in rest 
                        travel will return                                            of world. 
                        to normal levels.                                             Our target 18-34 year 
                        Our business has always                                       old population tend 
                        been impacted significantly                                   to be both flexible 
                        by perceived or actual                                        as to destination 
                        economic conditions                                           and are less risk 
                        outside of our direct                                         adverse. 
                        control including                                             FX movements may impact 
                        slowing or negative                                           travel decisions and 
                        economic growth, rising                                       travel patterns by 
                        inflation rates, rising                                       customers, but typically 
                        unemployment rates,                                           there is a degree 
                        weakening currencies,                                         of counterbalancing 
                        higher taxes or tariffs                                       movement e.g. the 
                        which all can impair                                          weakening of the US 
                        customer spending                                             dollar against the 
                        and adversely affect                                          euro means fewer US 
                        travel demand. In                                             travellers visiting 
                        addition, events such                                         the eurozone, but 
                        as unusual or extreme                                         decreased marketing 
                        weather, travel related                                       costs from US dollar 
                        health concerns including                                     denominated suppliers 
                        the COVID-19 pandemic                                         such as Google. Rising 
                        mentioned above or                                            inflation rates can 
                        travel-related accidents                                      impact customer discretionary 
                        can disrupt travel                                            spending and reduce 
                        and result in declines                                        their ability to travel. 
                        in travel demand.                                             We feel this is offset 
                        Because these events                                          in the near future 
                        or concerns are largely                                       by a pent-up demand 
                        unpredictable, influencing                                    from a lack of travel 
                        customer demand and                                           through 2020 and 2021. 
                        behaviour, they can                                           FX translation risk 
                        adversely affect our                                          is mitigated through 
                        business and results                                          matching foreign currency 
                        of operations.                                                cash outflows and 
                        The above and other                                           foreign currency cash 
                        macroeconomic conditions                                      inflows and by minimising 
                        can also cause significant                                    holdings of excess 
                        volatility in foreign                                         non-euro currency 
                        exchange rates between                                        above anticipated 
                        the US dollar and                                             outflow requirements. 
                        the euro, the British 
                        pound sterling and 
                        other currencies. 
                        Such volatility can 
                        have a material impact 
                        on travel demand and 
                        travel patterns therefore 
                        impacting revenue. 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 2    Working          COVID-19 has had a                                            When COVID-19 began                                           Increased 
       Capital          detrimental impact                                            there was a robust 
       Investment       on the travel sector                                          assessment taken by 
       and Going        and a very significant                                        the Directors of principal 
       Concern          impact on working                                             risks facing the Group 
                        capital resources.                                            including those that 
                        Our ability to access                                         threaten its business 
                        liquidity is constrained                                      model, future performance, 
                        by our trading volumes                                        solvency or liquidity. 
                        in a COVID-19 environment                                     New funding was received 
                        and the availability                                          through an equity 
                        of funding. With low                                          raise and debt financing. 
                        revenue volumes there                                         The Group has performed 
                        is a risk that the                                            weekly forecasting 
                        Group does not have                                           of cash resources 
                        the financial resources                                       and monitored closely 
                        to pay its liabilities                                        the covenants and 
                        as they fall due.                                             obligations caused 
                        Liabilities have also                                         by the term loan facility 
                        increased due to rising                                       agreement in place. 
                        inflation rates. This                                         Monthly reporting 
                        also directly impacts                                         has been put in place 
                        our ability to invest                                         to ensure the terms 
                        and grow which is                                             of the term loan facility 
                        constrained by our                                            and related reporting 
                        financial resources.                                          requirements are adhered 
                        When COVID-19 commenced                                       to. 
                        the Group implemented                                         Key metrics and reporting 
                        a number of key controls                                      are reviewed regularly 
                        to address any working                                        in the Group's management 
                        capital concerns including                                    accounts and at management 
                        rolling weekly cash                                           meetings. 
                        forecasting and took                                          Procedures and monitoring 
                        measures to secure                                            controls are in place 
                        additional debt and                                           to ensure timely reporting 
                        equity financing in                                           to involved brokers 
                        2020. In February                                             and lenders regarding 
                        2021 the Group received                                       compliance obligations. 
                        EUR28.8m, net of original 
                        issue discount, on 
                        a EUR30m term loan 
                        facility. Nevertheless, 
                        the extent of the 
                        effects of the COVID-19 
                        pandemic on our business, 
                        results of operations, 
                        cash flows and growth 
                        prospects are uncertain. 
                        Our term loan facility 
                        creates repayment 
                        obligations and covenants, 
                        reporting to the involved 
                        brokers and lenders 
                        and requires constant 
                        monitoring of the 
                        Group's leverage position 
                        and liquidity metrics. 
                        Without a return to 
                        growth it is not certain 
                        that the Group can 
                        meet the covenants 
                        set out under the 
                        term loan facility 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 3    Data Security    We are an innovative                                          The Group takes the                                           Increased 
                        technology company                                            protection of our 
                        dependent on sophisticated                                    customer and employee 
                        software applications                                         personal data very 
                        and computing infrastructure.                                 seriously and has 
                        The security of the                                           a series of controls 
                        confidential business                                         and monitoring in 
                        information we generate                                       place to ensure compliance. 
                        when engaging in e-commerce                                   We continue to maintain, 
                        and the personal data                                         policies and a governance 
                        we capture from customers                                     information security 
                        and employees is essential                                    framework to comply 
                        to maintaining consumer                                       with laws that apply 
                        and travel service                                            to our business, meet 
                        provider confidence                                           evolving stakeholder 
                        in our services. As                                           expectations, and 
                        an online platform,                                           support business innovation 
                        we are constantly                                             and growth. 
                        exposed to cyber security-related                             We have a robust and 
                        threats in the form                                           comprehensive data 
                        of internal and external                                      privacy, security 
                        attacks or disruption                                         and protection compliance 
                        on our systems or                                             programme in place 
                        those of our third-party                                      which includes a supplier 
                        suppliers.                                                    onboarding process 
                        The shift to remote                                           involving our information 
                        working during COVID-19                                       security and data 
                        changed the risk profile                                      protection compliance 
                        of data security and                                          teams. 
                        gives rise to ongoing                                         Our information security 
                        data security challenges                                      controls are aligned 
                        and a widening threat                                         to leading industry 
                        landscape. In particular,                                     standards, ISO27001:2017 
                        cyberattacks (including                                       and NIST Cyber Security 
                        ransomware) on organisations                                  Frameworks. We are 
                        have increased significantly                                  PCI compliant with 
                        during the COVID-19                                           the guidelines of 
                        pandemic.                                                     the payment card industry. 
                        As the Group reopens                                          We work closely with 
                        offices, the COVID-19                                         internal audit functions, 
                        Return to Work Protocol                                       and external consultants 
                        (Ireland) and Working                                         where relevant, to 
                        Safely During Coronavirus                                     ensure that our system 
                        Guidelines (UK) require                                       architectures, work 
                        us to capture from                                            processes and policies 
                        colleagues and office                                         are in place to provide 
                        visitors, new categories                                      as much protection 
                        of sensitive personal                                         as possible. 
                        health data that we                                           We have a data protection 
                        would not have obtained                                       compliance framework 
                        before. The General                                           in place that is aligned 
                        Data Protection Regulation                                    to our on-going obligations 
                        ("GDPR") places significant                                   under the GDPR, ePrivacy 
                        data security and                                             Directive and other 
                        regulatory compliance                                         applicable laws. We 
                        obligations on us                                             have invested and 
                        when processing such                                          continue to invest 
                        data.                                                         in our own data protection 
                        In 2021, we migrated                                          compliance resources 
                        parts of our e-commerce                                       to monitor and ensure 
                        platform to the Cloud.                                        compliance including 
                        Whilst risk is minimal,                                       a bespoke data privacy 
                        there still is risk                                           management software 
                        that security gaps                                            tool. Our Data Protection 
                        may manifest during                                           Officer ("DPO") is 
                        the migration.                                                responsible for informing, 
                        Our IT platforms must                                         advising and monitoring 
                        be scalable, robust                                           compliance on all 
                        and reliable. If our                                          matters relating to 
                        systems can't keep                                            the protection of 
                        up with growing demand,                                       personal data in the 
                        this could affect                                             Group. Our DPO is 
                        our ability to deliver                                        supported by designated 
                        growth.                                                       data protection champions 
                                                                                      through our core business 
                                                                                      units including information 
                                                                                      security, HR, customer 
                                                                                      services, marketing 
                                                                                      and product. We regularly 
                                                                                      review our employee 
                                                                                      information security 
                                                                                      policy and we continue 
                                                                                      to invest in information 
                                                                                      security training 
                                                                                      for all staff so that 
                                                                                      they remain vigilant 
                                                                                      and alert to the possibility 
                                                                                      of cybercrime. 
                                                                                      We reviewed the impact 
                                                                                      on servers of increased 
                                                                                      remote access loads 
                                                                                      with teams working 
                                                                                      from home. We issued 
                                                                                      guidance to all colleagues 
                                                                                      during COVID-19 regarding 
                                                                                      the personal data 
                                                                                      and data security 
                                                                                      implications of the 
                                                                                      pandemic and new remote 
                                                                                      working along with 
                                                                                      enhanced procedures 
                                                                                      for accessing company 
                                                                                      data while working 
                                                                                      We have engaged with 
                                                                                      an expert solution 
                                                                                      provider in the architecture 
                                                                                      and provisioning of 
                                                                                      cloud services, as 
                                                                                      well as a certified 
                                                                                      security company for 
                                                                                      independent vulnerability 
                                                                                      and security scanning. 
                                                                                      We provide data security 
                                                                                      training for all staff. 
                                                                                      We perform due diligence 
                                                                                      of our third-party 
                                                                                      suppliers who process 
                                                                                      our personal data 
                                                                                      including heightened 
                                                                                      information security 
                                                                                      due diligence. 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 4    Cyber            The Group like other                                          The Group expend significant                                  Increased 
                        companies is susceptible                                      resources to protect 
                        to cyberattacks which                                         against cybersecurity 
                        could compromise the                                          breaches, and regularly 
                        integrity of our systems                                      increase our security-related 
                        and the security of                                           expenditures to maintain 
                        our data. Cyberattacks                                        or increase our systems' 
                        by individuals, groups                                        security. 
                        of hackers and state-sponsored 
                        organisations are                                             The Group have an 
                        increasing in frequency                                       arrangement in place 
                        and sophistication                                            with a specialist 
                        and are constantly                                            third party firm to 
                        evolving. The Group                                           monitor network activity 
                        expects these issues                                          and to detect, neutralise 
                        to become more difficult                                      and report any unusual 
                        to manage as the tools                                        activity to corporate 
                        and techniques used                                           IT. 
                        in such attacks become 
                        ever more sophisticated.                                      IT policies, procedures 
                        There is a risk that                                          and cyber security 
                        the Group's current                                           initiatives are reviewed 
                        technical, administrative                                     and updated regularly 
                        and physical IT security                                      to address the changing 
                        framework may not                                             regulatory environment, 
                        be successful in safeguarding                                 including data privacy 
                        our information assets                                        regulations and to 
                        against cybersecurity                                         mitigate the evolving 
                        attacks, past, present                                        cyber security threat. 
                        and in the future, 
                        which may result in                                           Dedicated IT personnel 
                        bad actors stealing                                           with appropriate expertise 
                        customer information                                          and qualifications 
                        or transaction data                                           in information security 
                        or other Group proprietary                                    are employed by the 
                        information.                                                  Group. 
                        There is a risk that 
                        the Group's insurance 
                        policies will have 
                        coverage limits and 
                        may not be adequate 
                        to reimburse us for 
                        all losses caused 
                        by a cybersecurity 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 5    Competition      The risks posed by                                            Our primary mitigation                                        Increased 
                       competition could                                             is the execution of 
                       adversely impact our                                          our strategy and to 
                       market share and future                                       capitalise on our 
                       growth of the business.                                       unique market position. 
                       While we face a number                                        This involves: 
                       of key risks under                                             *    Targeting new customer acquisition and growing the 
                       competition, in each                                                most profitable customer cohorts (with focus on 
                       the competitor we                                                   Customer Lifetime Value / Customer Acquisition Cost) 
                       reference is likely                                                 by optimising overall marketing investment; 
                       to have more resources 
                       than we do to enable 
                       them to compete more                                           *    Strengthening the Group's core platform in order to 
                       effectively. Key areas                                              improve its flexibility and the experience of our 
                       are as follows:                                                     customers; 
                        *    Supply: competition from direct competitors, 
                             alternative accommodation operators and disruptive 
                             new entrants leading to a loss of key accommodation      *    Upgrading our third-party platform connectivity in 
                             suppliers.                                                    order to defend our competitive position; 
                        *    Customers: changes in customer behaviour leading to a    *    Focus on expanding our global footprint, meeting 
                             loss in customer traffic and demand for our services          emerging demand while also strengthening our overall 
                             and / or increase in customer acquisition costs.              product offering; 
                             Consumer preferences could change as a result of the 
                             COVID-19 pandemic which may be disadvantageous to our 
                             business and may benefit existing and new                *    Leveraging the capabilities of our partnerships to 
                             competitors. With global travel restrictions, there           ensure we are delivering best in class and most 
                             may be a shift towards domestic travel and                    advanced tech-based solutions for our customers and 
                             alternative accommodations.                                   hostel partners; 
                        *    There has been a rise in cancellations and vouchers      *    Evaluating strategic opportunities to diversify away 
                             issued in lieu of cash refunds for the Group and with         from exclusive dependence on OTA business and develop 
                             our competitors. This increases competition for the           a broader experiential based travel offering to our 
                             Group as it locks customers into those companies              customers; and 
                             issuing the vouchers, thereby potentially reducing 
                             the demand for the Group's offering. 
                                                                                      *    Roll out commercial agreements to secure competitive 
                                                                                           rates and inventory across our property base. 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 6    People           The Group is dependent                                        The Group is taking                                           Increased 
                        on ability to attract,                                        meaningful action 
                        retain and develop                                            to retain employees 
                        creative, committed                                           and has implemented 
                        and skilled employees                                         HR policies and people 
                        so as to achieve its                                          processes to enable 
                        strategic objectives.                                         retention of key talent; 
                        Due to the impact                                             namely the introduction 
                        of the COVID-19 pandemic,                                     of an agile working 
                        the Group took actions                                        policy, a working 
                        to reduce headcount                                           from abroad policy 
                        in 2020. The Group                                            and paid wellness 
                        also undertook several                                        and parental leave 
                        organisational change                                         days to promote flexibility 
                        programmes in the                                             and work-life blending. 
                        last 12 months to 
                        ensure the organisation                                       In Q4 2021, the Group 
                        is designed to optimally                                      also brought contractual 
                        deliver our strategic                                         annual leave entitlements 
                        priorities. In addition,                                      in line with market 
                        the 2021 global increase                                      to remain competitive 
                        in attrition because                                          and to drive engagement 
                        of COVID-19 has the                                           among the team. 
                        potential to further                                          As the Group re-open 
                        disrupt the business                                          offices, the lease 
                        .                                                             on the Dublin premises 
                        All of this presents                                          in Leopardstown has 
                        several significant                                           been relinquished, 
                        risks, including increased                                    in favour of a WeWork 
                        attrition and difficulty                                      co-working space in 
                        retaining valuable                                            the city centre. 
                        key employees, weakening 
                        of our employer brand                                         A blended approach 
                        and ability to attract                                        to remote/office working 
                        high calibre talent,                                          has been established 
                        potential negative                                            across all locations 
                        impact on employee                                            to allow for further 
                        morale, productivity                                          flexibility on an 
                        and overall engagement,                                       ongoing basis for 
                        an adverse impact                                             employees - teams 
                        on our culture, and                                           can decide what approach 
                        resource constraints;                                         works best for them. 
                        any of which could 
                        adversely impact our                                          The Group has further 
                        business and reputation.                                      increased focus on 
                        We have a key dependency                                      understanding the 
                        on attracting and                                             drivers of employee 
                        retaining technical                                           engagement, through 
                        employees in development,                                     regular engagement 
                        quality assurance,                                            surveys and are committed 
                        product management                                            to taking action to 
                        and engineering to                                            improve employee engagement 
                        facilitate delivery                                           levels. We have recognised 
                        of projects and maintain                                      that an increased 
                        site and infrastructure                                       investment in career 
                        stability. Due to                                             development and training 
                        increased packages                                            of our people is key 
                        in the technology                                             to employee engagement 
                        sector, there is a                                            and in 2022 we will 
                        risk that attrition                                           be recruiting a dedicated 
                        will continue to rise                                         learning and development 
                        unless we continue                                            specialist within 
                        to keep pace with                                             our HR team. 
                        the market and ensure 
                        our total reward offering                                     Robust external benchmarking 
                        for new and existing                                          has ensured there 
                        hires is on-par with                                          is better understanding 
                        the industry standard.                                        of the competitiveness 
                                                                                      of the reward offering. 
                                                                                      Employees identified 
                                                                                      as key talent/critical 
                                                                                      skills were awarded 
                                                                                      various retention 
                                                                                      plans in a bid to 
                                                                                      retain key talent. 
                                                                                      In H2 2021, the Group 
                                                                                      brought forward their 
                                                                                      planned 2022 compensation 
                                                                                      review in response 
                                                                                      to attrition rates 
                                                                                      and external market 
                                                                                      The Group currently 
                                                                                      operates from five 
                                                                                      global offices, which 
                                                                                      provides flexibility 
                                                                                      for location of key 
                                                                                      talent, thereby opening 
                                                                                      up a larger talent 
                                                                                      pool to select from. 
                                                                                      Our location and resourcing 
                                                                                      strategy remains under 
                                                                                      review on an ongoing 
                                                                                      basis to optimize 
                                                                                      the talent pool. A 
                                                                                      non-executive director 
                                                                                      fulfils a workforce 
                                                                                      engagement role as 
                                                                                      set out in the 2018 
                                                                                      UK Corporate Governance 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 7    Search           A large proportion                                            The Group invests                                             Unchanged 
       Engine           of traffic to our                                             heavily in recruiting 
       Algorithms       websites is generated                                         and retaining key 
                        through internet search                                       personnel with the 
                        engines such as Google,                                       requisite skills and 
                        from non-paid (organic)                                       capabilities in paid 
                        searches and through                                          and non-paid search. 
                        the purchase of travel                                        This in-house expertise 
                        related keywords (paid                                        is supplemented by 
                        search).                                                      the deployment of 
                        We therefore rely                                             leading technology 
                        significantly on practices                                    tools. The search 
                        such as Search Engine                                         marketing team works 
                        Optimisation ("SEO")                                          closely with Google 
                        and Search Engine                                             to understand any 
                        Marketing ("SEM")                                             changes in functionality 
                        to improve our visibility                                     to the AdWords platform 
                        in relevant search                                            so that we can avail 
                        results. Search engines,                                      of any efficiencies 
                        including Google,                                             in our search traffic. 
                        frequently update                                             The Group participates 
                        and change the logic                                          in alpha and beta 
                        that determines the                                           feature tests that 
                        placement and display                                         give Hostelworld first 
                        of results of a user's                                        mover advantage with 
                        search, which can                                             new functionality 
                        negatively impact                                             that can help drive 
                        placement of our paid                                         efficiency. 
                        and organic results                                           We continue to enhance 
                        in search results.                                            our skillsets in house 
                        Google algorithms                                             and capabilities by 
                        have become very sophisticated                                partnering with third 
                        and able to determine                                         party vendors to enhance 
                        better quality driven                                         our search engine 
                        by machine learning                                           optimisation. 
                        capabilities. We risk 
                        being significantly 
                        behind in our marketing 
                        strategy and unable 
                        to be competitive 
                        in the current environment. 
                        Furthermore, in respect 
                        of paid search, our 
                        costs to improve or 
                        maintain our placement 
                        in search results 
                        can increase. This 
                        could result in a 
                        decrease in bookings 
                        and thus revenue and 
                        an increase in costs. 
                        It could also result 
                        in having to replace 
                        free traffic with 
                        paid traffic, which 
                        would negatively impact 
                        Continued investment 
                        is needed to remain 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 8    Third Party      Supply: We rely on                                                                                                          Increased 
       Reliance         hostel accommodation                                           Supply: We work closely 
                        providers to provide                                           with partners and 
                        us with our inventory.                                         hostel associations 
                        Any limitations put                                            to monitor developments 
                        in place by accommodation                                      in the market. Our 
                        providers limit the                                            current focus is on 
                        inventory that we                                              measures taken by 
                        sell. The COVID-19                                             hostels for managing 
                        pandemic and its resulting                                     social distancing 
                        impact on travel demand,                                       and ensuring appropriate 
                        the travel industry                                            hygiene measures are 
                        and the economy, has                                           in place. We continue 
                        increased the risk                                             to communicate actions 
                        of insolvency or disruption                                    we are taking to support 
                        to the ability of                                              any changes properties 
                        our travel service                                             may be forced to make. 
                        provider partners                                              For our systems and 
                        to provide services.                                           service providers 
                        With our hostel partners                                       we focussed on maintaining 
                        in particular, there                                           good relationships 
                        is increased risk                                              with vendors and ensuring 
                        of properties going                                            contractual obligations 
                        out of business, no                                            dictate minimum functionality 
                        longer operating in                                            and speedy resolution 
                        the hostel category,                                           of issues. We put 
                        or removing significant                                        alerts in place to 
                        hostel elements from                                           immediately capture 
                        their properties.                                              any downtime and replicate 
                        Systems and service                                            as much functionality 
                        providers: We rely                                             as possible in-house. 
                        on a number of key                                             We worked to ensure 
                        third-party providers.                                         there are tight service 
                        Any interruption in                                            level agreements in 
                        service from any of                                            place and there is 
                        these providers may                                            oversight of product 
                        lead to a loss in                                              roadmaps. 
                        revenue, loss in site                                          COVID-19 has highlighted 
                        and app functionality,                                         that sudden changes 
                        increased input from                                           in workload can have 
                        customer services                                              a negative impact 
                        and engineer time                                              on platform availability 
                        and ultimately if                                              with third party suppliers 
                        we experience multiple                                         but also that quick 
                        failures we risk reputational                                  intervention can be 
                        and brand damage.                                              taken to mitigate 
                        COVID-19 has increased                                         any issues. 
                        the risk of supplier                                           The Group has made 
                        failures, a risk that                                          preparations in the 
                        would be exacerbated                                           event hostel partners 
                        if there are further                                           and/or key service 
                        global travel restrictions                                     providers fail. The 
                        in response to new                                             Group closely monitors 
                        waves (such as the                                             the financial health 
                        Delta and Omicron                                              of key suppliers and 
                        variants in 2021).                                             taking steps to mitigate 
                        The Group relies on                                            risks. 
                        payment processors 
                        and payment card schemes 
                        to execute certain 
                        components of the 
                        payments process. 
                        We generally pay these 
                        third parties interchange 
                        fees and other processing 
                        and gateway fees to 
                        help facilitate payments 
                        from customers to 
                        our travel service 
                        provider partners. 
                        There is a risk that 
                        the Group may not 
                        maintain its relationships 
                        with these third parties 
                        on favourable terms 
                        or that these transaction 
                        fees imposed by these 
                        providers are increased. 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 9    IT Platforms     Over recent years                                             We focus on staying                                           Increased 
      and               the ever-increasing                                           current with new trends 
      technological     pace of change of                                             in technology development 
      innovation        new technology, new                                           and customer behaviour. 
                        infrastructure and                                            We invest a significant 
                        new software offerings                                        amount of our product 
                        have changed how customer's                                   and user experience 
                        research, purchase                                            functions on research 
                        and experience travel.                                        and development and 
                        Notable shift changes                                         interacting with similar 
                        include mobile networks,                                      companies both within 
                        mobile applications,                                          and external to travel. 
                        meta-search providers,                                        The Group has continued 
                        display advertising                                           with the ongoing modernisation 
                        and social communities.                                       of our underlying 
                        Unless we continue                                            platform to enable 
                        to stay abreast of                                            us to support faster 
                        technology innovation                                         execution across our 
                        and change, we risk                                           core platform. 
                        becoming irrelevant                                           We also leverage the 
                        to the modern customer.                                       capabilities of partnerships 
                        Technology evolves                                            to ensure we are delivering 
                        rapidly, and updates                                          best in class and 
                        can become quickly                                            most advanced tech-based 
                        obsolete.                                                     solutions for our 
                                                                                      customers and hostel 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 10   Climate          Climate change and                                            Climate change issues                                         Increased 
      Change,           sustainability continue                                       may impact travel 
      Sustainability    to be areas of increased                                      decisions and travel 
      and Corporate     focus for the Group                                           patterns by customers 
      Social            and are further evolving                                      but is mitigated to 
      Responsibility    as areas of heightened                                        the extent that our 
                        concern with consumers                                        business is a global 
                        and stakeholders.                                             one, with a dispersed 
                        Physical climate change                                       population of users, 
                        risks such as extreme                                         and a geographically 
                        weather events could                                          dispersed set of destinations. 
                        affect our inventory                                          As an ecommerce business 
                        competitiveness and                                           based in five office 
                        results of operations.                                        locations around the 
                        In addition, transitional                                     world and under 300 
                        climate change risks                                          employees, whilst 
                        such as changes in                                            our carbon footprint 
                        stakeholder expectations,                                     is relatively small, 
                        travel patterns, technologies,                                we recognise that 
                        policy and regulation                                         the Group has a role 
                        may affect the Group                                          to play in protecting 
                        and results of operations.                                    our environment. For 
                        There is a request                                            this reason, we have 
                        for more accountability                                       continued to make 
                        from our customers,                                           a concerted effort 
                        employees, other stakeholders                                 to offset our carbon 
                        as to what the Group                                          footprint through 
                        is doing to limit                                             various initiatives 
                        its direct and indirect                                       across our business, 
                        impact on climate                                             including 
                        change. There is a                                            (i) reducing our reliance 
                        risk that we do not                                           on printing by promoting 
                        meet shareholder expectations                                 a paperless office 
                        regarding our target                                          environment; 
                        setting and performance                                       (ii) encouraging third 
                        against creating a                                            parties to do everything 
                        more sustainable operating                                    electronically, including 
                        environment.                                                  invoicing and contracting 
                        Customers demand and                                          (using DocuSign); 
                        expect the humane                                             (iii) putting provisions 
                        treatment of animals                                          in place to promote 
                        and the respect for                                           recycling across all 
                        animal welfare. As                                            our office locations; 
                        an industry leader,                                           (iv) focusing on energy 
                        we have a responsibility                                      and natural resource 
                        to take the lead on                                           conservation e.g., 
                        ensuring that when                                            our offices have stop 
                        we empower our customers                                      taps for water consumption 
                        to Meet The World                                             and controlled lighting 
                        (R) , that this experience                                    and air conditioning; 
                        is done with respect,                                         (v) encouraging employees 
                        humility and awareness                                        to use more sustainable 
                        for the world's people,                                       modes of public transport 
                        animals, communities                                          (including the LUAS 
                        and the environment.                                          and the Cycle2Work 
                        We are opposed to                                             Scheme); 
                        any experience that                                           (vi) becoming a signatory 
                        promotes and involves                                         in 2020 of the Global 
                        intentional direct                                            Tourism Plastics Initiative 
                        contact with wild                                             led by the UN Environment 
                        animals in their natural                                      programme and the 
                        habitat, including,                                           World Tourism Organisation; 
                        petting, feeding,                                             and 
                        riding animals or                                             (vii) Joining the 
                        similar practices.                                            Global Sustainable 
                        We take our lead on                                           Tourism Council ('GSTC') 
                        animal welfare from                                           whom we will partner 
                        the Five Freedoms                                             and collaborate with 
                        of Animal Welfare                                             to drive sustainable 
                        and are committed                                             travel initiatives 
                        to ensuring that all                                          across the travel 
                        our accommodation                                             industry 
                        and experience partners                                       Our goal is to encourage 
                        work to ensure the                                            our hostel partners 
                        highest quality of                                            to sign up with the 
                        life for any animals                                          aim of reducing their 
                        involved.                                                     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 
                                                                                      Our contracts with 
                                                                                      accommodation and 
                                                                                      experience partners 
                                                                                      contain contractual 
                                                                                      commitments (developed 
                                                                                      by reference to the 
                                                                                      Five Freedoms of Animal 
                                                                                      Welfare) on the part 
                                                                                      of properties and 
                                                                                      experience providers 
                                                                                      to comply with all 
                                                                                      applicable animal 
                                                                                      welfare laws and ensure 
                                                                                      that no animals shall 
                                                                                      be harmed as a result 
                                                                                      of any experiences, 
                                                                                      activities or events 
                                                                                      promoted, managed, 
                                                                                      arranged or organised 
                                                                                      by them. Any properties 
                                                                                      or experiences that 
                                                                                      are found to be in 
                                                                                      violation of these 
                                                                                      requirements or that 
                                                                                      otherwise directly 
                                                                                      or indirectly threaten 
                                                                                      the welfare and/or 
                                                                                      conservation of animals 
                                                                                      will be removed from 
                                                                                      our platform. 
                                                                                      Well before COVID-19 
                                                                                      we were already using 
                                                                                      video conferencing 
                                                                                      platform technology 
                                                                                      to help reduce the 
                                                                                      impact of working 
                                                                                      across our various 
                                                                                      office locations. 
                                                                                      When the world went 
                                                                                      into lockdown following 
                                                                                      the outbreak of the 
                                                                                      pandemic, we invested 
                                                                                      further in our technologies 
                                                                                      to enable our employees 
                                                                                      to continue communicating 
                                                                                      with each other and 
                                                                                      keep our business 
                                                                                      in operation during 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 11   Regulation       Regulatory and legal                                          The Group has an internal                                     Increased 
                        requirements and uncertainties                                legal team and external 
                        around these could                                            legal advisors to 
                        subject the Group                                             advise the Group on 
                        to business constraints,                                      current and anticipated 
                        increased regulatory                                          legal requirements. 
                        and compliance costs                                          Our legal advisors 
                        and complexities or                                           monitor and advise 
                        otherwise harm our                                            on regulatory matters 
                        business.                                                     in locations in which 
                        Our business is global                                        we provide services 
                        and highly regulated                                          with a particular 
                        and is exposed to                                             focus on those areas 
                        issues regarding competition,                                 where we have local 
                        licensing of local                                            operations. 
                        accommodation and                                             Suitable experienced 
                        experiences, language                                         resources have been 
                        usage, web-based trading,                                     engaged to ensure 
                        consumer compliance,                                          consumer compliance 
                        tax, intellectual                                             requirements, compliance 
                        property, trademarks,                                         with the Listing Rules, 
                        data protection and                                           the Financial Reporting 
                        information security                                          Council Corporate 
                        and commercial disputes                                       Governance Code and 
                        in multiple jurisdictions.                                    the Market Abuse Regulations. 
                        COVID-19 has led to                                           A detailed analysis 
                        increased focus by                                            of the Group's approach 
                        consumer rights regulators                                    to offering vouchers 
                        on the online sales                                           to certain customers 
                        practices of tourism                                          concluded that the 
                        and travel focused                                            Group's approach was 
                        companies and may                                             aligned with the principles 
                        have an impact on                                             reflected in the EU 
                        the Group's brand                                             Commission recommendations 
                        if the Group's sales                                          on vouchers for cancelled 
                        practices were investigated                                   package travel and 
                        and assessed to be                                            transport services 
                        non-compliant.                                                published on 13 May 
                        COVID-19 has heightened                                       2020. 
                        our obligations under                                         In line with guidance 
                        employment and health                                         from the Irish and 
                        and safety laws to                                            UK governments, we 
                        protect the safety,                                           have developed a robust 
                        health and welfare                                            COVID-19 Response 
                        of colleagues in the                                          Plan including adopting 
                        workplace.                                                    protocols around returning 
                        The GDPR imposes particular                                   colleagues back to 
                        compliance obligations                                        the office environment. 
                        with respect to our                                           We have rolled out 
                        COVID-19 response                                             an effective refund 
                        measures with risk                                            management and risk 
                        of fines and other                                            policy and procedure 
                        enforcement mechanisms                                        to deal with individual 
                        being imposed by a                                            consumer complaints 
                        data protection authority.                                    and those from consumer 
                        Our position on customer                                      regulators. Our response 
                        refunds may give rise                                         to requests and complaints 
                        to customer complaints                                        is informed by a cross-departmental 
                        to consumer regulators                                        risk assessment. 
                        such as the Irish                                             The Group have been 
                        Competition and Consumer                                      working with the Central 
                        Protection Commission                                         Bank of Ireland to 
                        or UK Competition                                             ensure the Group is 
                        and Markets Authority                                         complaint with the 
                        who have a range of                                           PSD2 EU Directive. 
                        enforcement powers                                            We have appointed 
                        including fines.                                              external insurance 
                        Payment Services Directive                                    brokers to help us 
                        Two ("PSD2") is an                                            ensure we have the 
                        EU Directive that                                             appropriate Group 
                        applies to payment                                            insurance in place 
                        services in the EU.                                           on the best possible 
                        The deadline for the                                          terms. 
                        Group to incorporate                                          We have expanded our 
                        and be compliant with                                         ability to offer customers 
                        this Directive was                                            their preferred method 
                        31 December 2020.                                             of payment in the 
                        PSD2 further regulates                                        most efficient manner 
                        the authentication                                            on all our platforms. 
                        process for accepting                                         We process more of 
                        credit cards and which                                        our transactions on 
                        we expect to result                                           a merchant basis where 
                        in increased compliance                                       we facilitate payments 
                        costs and complexities,                                       through the use of 
                        including those associated                                    credit cards and other 
                        with the implementation                                       alternative payment 
                        of new or advanced                                            methods (such as PayPal, 
                        internal controls.                                            Alipay, ApplePay and 
                        The Group is also                                             Google Pay). 
                        subject to payment 
                        card association rules 
                        and obligations under 
                        our contracts with 
                        the card schemes and 
                        our payment card processors, 
                        including the Payment 
                        Card Industry Data 
                        Security Standard 
                        ("PCI DSS"). 
                        The EU Package Travel 
                        Directive (the "PTD") 
                        sets out broad requirements 
                        such as local registration, 
                        certain mandatory 
                        financial guarantees, 
                        disclosure requirements 
                        and other rules regulating 
                        the provision of travel 
                        packages and linked 
                        travel arrangements. 
                        The PTD also creates 
                        additional liability 
                        for a provider of 
                        travel packages for 
                        performance of the 
                        travel services within 
                        a packaged trip under 
                        certain circumstances. 
                        Conditions in the 
                        insurance market are 
                        difficult at present 
                        and, in line with 
                        general market trends, 
                        we have seen an increase 
                        in insurance costs. 
                        Changes to the rules 
                        regarding the use 
                        of "cookies" on our 
                        website and mobile 
                        applications have 
                        the potential to impact 
                        on our ability to 
                        serve our customers. 
                        Cookies are small 
                        text files that are 
                        stored on a user's 
                        computer or mobile 
                        device that are used 
                        to store or gather 
                        information (e.g., 
                        remember log-on details 
                        so a user does not 
                        have to re-enter them 
                        when revisiting a 
                        website or opening 
                        an app) and market 
                        to customers. Cookies 
                        are valuable tools 
                        for the Group that 
                        we use to enhance 
                        our customers' experiences 
                        and increase conversion. 
                        The GDPR and ePrivacy 
                        Directive require 
                        "opt-in" consent before 
                        certain cookies can 
                        be placed on a user's 
                        computer or mobile 
                        The Group is also 
                        subject to new sign-up 
                        regulations. Our Global 
                        Markets Team ("GMT") 
                        currently maintain 
                        a list of cities that 
                        require a hostel licence 
                        to be provided before 
                        we add a property 
                        to our site. The city 
                        list can change depending 
                        on the local in country 
                        regulations. Any addition 
                        of new licence or 
                        regulatory material 
                        that needs to be collated 
                        upon sign up, will 
                        slow down the operations 
                        of GMT and could impact 
                        the number of properties 
                        added to the site 
                        each year. If there 
                        is a reclassification 
                        of what is a 'hostel' 
                        in any locality, this 
                        could impact how we 
                        choose to display 
                        property categorisations 
                        on our site. Also, 
                        even if a licence 
                        is collated upon sign 
                        up, the laws within 
                        each city can change, 
                        resulting in a closure 
                        of properties and 
                        removal of beds from 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 12   Brand and        Hostelworld is the                                            We are focused on                                             Increased 
       Reputation       world's leading OTA                                           investing in our core 
                        focused on the hostel                                         products, platform 
                        market. We rely on                                            and technological 
                        the strength of our                                           capabilities to support 
                        brand in the market                                           our brand proposition 
                        to attract customers                                          and awareness as well 
                        to our platform and                                           as actively managing 
                        to secure bookings.                                           our brand portfolio 
                        Consumer trust and                                            through social media 
                        confidence in our                                             channels. We have 
                        brand is therefore                                            internal and external 
                        essential to ongoing                                          PR advisors to support 
                        revenue stability                                             us to manage any PR 
                        and growth. Brand                                             incidents. Our customer 
                        marketing spend was                                           service team strive 
                        a cost line impacted                                          to ensure that customers 
                        by COVID-19 cost cutting                                      have a positive experience 
                        measures. As travel                                           at all stages of interacting 
                        restrictions lift                                             with us. The Group 
                        we must be competitive                                        has a Crisis Management 
                        with our marketing                                            Policy in place which 
                        spend and focus on                                            includes appropriate 
                        brand recognition                                             escalation. 
                        with consumers as                                             In relation to COVID-19, 
                        a key priority.                                               we took the decision 
                        As COVID-19 continues                                         to offer refunds and 
                        to evolve into different                                      credits for cancellations 
                        strains, there is                                             due to COVID-19. During 
                        a risk of further                                             2020 we rolled out 
                        global lockdowns which                                        an effective refund 
                        could lead to a rise                                          management and risk 
                        in customer cancellations.                                    policy and procedure 
                        COVID-19 and the uncertainty                                  to deal with individual 
                        around the ability                                            consumer complaints 
                        of our customers to                                           and those from consumer 
                        travel and operational                                        regulators. Our response 
                        issues connected with                                         to requests and complaints 
                        the restart of global                                         is informed by a cross-departmental 
                        travel (including                                             risk assessment. We 
                        flight cancellations                                          have continued this 
                        and hostel closures)                                          approach into 2021. 
                        could lead to us being 
                        overwhelmed with customer 
                        service queries and 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 13   Business         Failure in our IT                                             As an e-commerce organisation,                                Increased 
       Continuity       systems or those on                                           the Group's business 
                        which we rely such                                            continuity plan ("BCP") 
                        as third party hosted                                         focusses on the continued 
                        services could disrupt                                        operation of consumer 
                        availability of our                                           facing products and 
                        booking engines and                                           related services to 
                        payments platforms,                                           ensure our e-commerce 
                        or availability of                                            trading systems can 
                        administrative services                                       continue to process 
                        at our office locations.                                      bookings. The Group 
                                                                                      has worked with external 
                                                                                      advisors to produce 
                                                                                      robust documented 
                                                                                      business continuity 
                                                                                      and disaster recovery 
                                                                                      The ongoing modernisation 
                                                                                      programme of both 
                                                                                      Corporate IT and the 
                                                                                      website to cloud based 
                                                                                      services increases 
                                                                                      resilience to business 
                                                                                      We updated our standard 
                                                                                      supplier terms 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 
                                                                                      The Group's BCP and 
                                                                                      disaster recovery 
                                                                                      plan was successfully 
                                                                                      implemented to support 
                                                                                      the business in its 
                                                                                      response to COVID-19. 
                                                                                      Both this plan and 
                                                                                      the supporting backup 
                                                                                      and failover facilities 
                                                                                      are regularly reviewed 
                                                                                      to ensure their continued 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 14   Taxation         Due to the global                                             In collaboration with                                         Increased 
                        nature of our business,                                       our tax advisors, 
                        tax authorities in                                            a large professional 
                        other jurisdictions                                           services firm, we 
                        may consider that                                             assess possible tax 
                        certain taxes are                                             impacts in the jurisdictions 
                        due in their jurisdiction.                                    in which we operate 
                        Such a scenario may                                           to ensure our tax 
                        arise for example                                             obligations are aligned 
                        because the customer                                          to the operational 
                        is resident in that                                           nature of our business. 
                        jurisdiction or the                                           Our tax risk is managed 
                        travel service is                                             by the employment 
                        deemed to be supplied                                         of suitably qualified 
                        in that jurisdiction.                                         personnel and close 
                        In other situations,                                          engagement with big 
                        a charge to tax may                                           four tax advisors. 
                        arise where the tax                                           We receive briefings 
                        authorities consider                                          to Board by our tax 
                        an establishment to                                           advisors, where required, 
                        exist in that country                                         on tax risks and any 
                        by virtue of some                                             changes in tax legislation 
                        activity being carried                                        which impacts on current 
                        on there. If those                                            tax structure of the 
                        tax authorities take                                          Group. 
                        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. Furthermore, 
                        the ever-changing 
                        tax landscape (i.e. 
                        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 
                        2.0 ("BEPS") or national 
                        governments) may result 
                        in additional material 
                        tax being suffered 
                        by the Group. 
                        Certain countries 
                        have taken steps to 
                        introduce a digital 
                        services tax to address 
                        the issue of multinational 
                        businesses carrying 
                        on business in their 
                        jurisdiction without 
                        a physical presence 
                        and therefore generally 
                        not subject to income 
                        tax in those jurisdictions. 
                        These digital services 
                        taxes are calculated 
                        as a percentage of 
                        revenue rather than 
                        income or profits. 
                        We are currently monitoring 
                        the introduction of 
                        the digital services 
                        taxes, and its impact 
                        on our Group as trade 
                        and revenue (on which 
                        the tax is levied) 
                        continues to pick 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
 15   Impact           The continued threat                                          Our target 18-34-year-old                                     Unchanged 
       of terrorism     of terrorist attacks                                          population tend to 
       threat           in key cities and                                             be both flexible as 
       on leisure       on aircraft in flight                                         to destination and 
       travel           may reduce the appetite                                       are less risk adverse. 
                        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 
     ---------------  ------------------------------------------------------------  ------------------------------------------------------------  ---------- 
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(END) Dow Jones Newswires

April 06, 2022 07:58 ET (11:58 GMT)

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