Hostelworld (LSE:HSW) shares booked in some small gains after the company reported underlying profits above the top end of guidance.
The online travel agent said this resulted from its "highly differentiated" growth strategy to capitalise on robust demand in key markets and grow market share, while reducing paid marketing investment.
Revenue rose 32% to €93.7 million as net bookings climbed 37% to 6.5 million.
With direct marketing as a percentage of revenue falling 8% to around 50%, adjusted EBITDA surged to €18.3 million, versus guidance of €17.5-18 million, and €1.3 million in 2022 and a 2021 loss of €17.3 million.
The shares rose 4.2% to 138.6p in early trades.