Vacation rental marketplace
HomeToGo
has reported booking revenue of €43 million for the third quarter of 2022.
The company says the figure represents a 53% increase year-on-year, attributing the growth to the high volume of last-minute bookings in July and August.
The figure compares to booking revenue of €28 million for Q3 2021.
Germany-based HomeToGo also highlights record IFRS revenues for the quarter, revealing a 60% increase to €70 million compared with €44 million year-on-year.
The company says it has expanded its onsite as well as its “subscriptions and services” business.
Onsite booking revenue increased 29% to €16 million versus €13 million for Q3 2021 reflecting the increase in customers booking directly on its websites.
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Onsite business share was just over 45% of booking revenue, slightly down on the 50% share in Q3 2021, which HomeToGo attributes to growth in offsite business alongside onsite because of the last-minute demand.
Subscriptions and services IFRS revenue increased 246% from €2.4 million in Q3 2021 to €8.5 million in Q3 2022, which includes a healthy contribution from B2B software-as-as-service solution Smoobu, a company acquired by HomeToGo in 2021.
Adjusted EBITDA increased 60% for the quarter to €24 million versus €15 million year-on-year.
Net income for the business improved to almost €13 million for the quarter from a loss of €102 in Q3 2021.
The company has upgraded its guidance to IFRS revenue growth of between €141 and €146 million.
“In this post-pandemic travel rebound, the long-term trend towards alternative accommodation has continued to accelerate. Even as we are facing a period of global macroeconomic uncertainty, the travel sector showed continuous resilience and vacation rentals are the preferred choice,” says Patrick Andrae, co-founder and CEO of HomeToGo.
“During this highly profitable and record third quarter, we have once again demonstrated exceptional growth across all parts of our business. Upgrading our guidance for the full year for the second time reflects our confidence in the market and our continued progress. We will remain focused on delivering on our strategy, unlocking value for our shareholders and advancing on our path to profitability, with the goal of achieving adjusted EBITDA break-even in 2023.”