Hostelworld Group plc ("Hostelworld" or the "Group" or the "Company")

Interim Results 2025

FY 2025 expectations¹ in line with guidance communicated at April Capital Markets Day ("CMD")

Hostelworld is pleased to announce its interim results for the six months ended 30^th June 2025 ("H1 2025").

Trading improving through the half year, continuing into July:

·      Net Bookings and ABV improving through the first half of the year, returning to growth in late May and continuing positive momentum into June and July

·      Increasing commission rates post launch of Elevate, offsetting bed price deflation and weaker than expected US dollar

·      Paid cost inflation observed in Q1, which has since moderated. Marketing as a % of generated revenue² expected to be within CMD guidance range on a FY basis

·      App bookings growing +11% year over year reflecting continued progress of our social network strategy

Progressing our strategic initiatives and well positioned for growth:

·      Rollout of Elevate, our new marketplace monetisation tool, showing early signs of success with blended commission rates increasing to 15.8% in H1 2025 (15.2% in H1 2024)

·      Continued growth in Social Network size and engagement: Social members reaching 2.9M by the end of June 2025 (up from 1.8M in June 2024) and the number of messages sent over the network increased 42% on a trailing 6 month basis

·      Strategic initiatives, including social platform monetisation and the addition of budget accommodation on track

·      Continuing to evaluate acquisition opportunities as outlined in our CMD presentation

Financial highlights:              

·      Net bookings of 3.7m (+0% year on year) and net average booking value of €13.40 (-1% year on year), generated net revenue of €46.7m (+0% year on year)

·      Direct marketing as a percentage of generated revenue² totalled 51%, (H1 2024 45%)

·      Operating costs³ of €12.4m, (-1% year on year) with costs maintained at 27% of net revenue

·      Adjusted EBITDA of €7.4m with deferred revenue of €3.1m, (H1 2024 EBITDA of €9.6m, deferred revenue of €3.6m)

·      Operating profit for the period €2.1m compared to €4.0m in H1 2024 (-47% year on year)

·      Reinstatement of progressive dividend policy and share buyback programme (£5m) announced

Balance sheet and cash flow:

·      30 June 2025 cash balance of €11.0m (31 December 2024: €8.2m) and a net cash⁴ position of €6.1m (31 December 2024: €2.0m)

·      Interim Dividend of 0.82€ cent per share approved by the Board, payable on 19^th September 2025

·      Commencement of £5 million share buy-back programme on 19^th June 2025

Gary Morrison, Chief Executive Officer, commented:

"I am pleased to report solid progress on our strategic roadmap presented at our Capital Markets Day in April. While the first half was impacted by several external factors, we saw encouraging positive trends in late May, which have continued through into June and July, including growth in booking volumes and average booking values.

Our strategic initiatives, particularly the early success of our 'Elevate' marketplace tool, are delivering a positive impact on our trading performance. With continued innovation in our social network, we have seen significant growth in engagement. The number of messages sent has increased by 42% on a trailing 6-month basis. This deep engagement continues to drive growth in app bookings, which are up 11% year-on-year. The number of social members also saw substantial growth, reaching ~3 million by the end of June 2025, up from 1.8 million in June 2024.

We continue to evaluate acquisition opportunities as outlined in our CMD presentation. Reflecting our balanced approach to capital allocation and our commitment to long-term growth in shareholder value, we announced a £5 million share buyback programme on 19 June, alongside the reinstatement of a progressive dividend policy. We expect the interim dividend to be paid on 19^th September 2025.

Overall, I am encouraged by the results of the foundational work laid in the first half, which positions us strongly for sustained growth from 2026 and beyond, and for delivering on our Vision to be the world's leading social travel platform."

Trading update

We are encouraged by the improvement observed in late May, with this positive momentum continuing into June and July. This uplift was primarily driven by Net Bookings and Average Booking Value (ABV) returning to year-on-year growth in late May, a trend that is continuing into July.

ABV growth has been driven by increasing commission rates following the launch of Elevate, which is offsetting bed price deflation and a weaker US dollar. While we observed paid cost inflation in Q1, this has since moderated, and we expect marketing as a percentage of generated revenue to fall within our guidance range on a full-year basis. App bookings continue to grow, up 11% year-on-year, driven by increasing engagement in our social network, evidenced by a 42% increase in messages sent, on a trailing 6-month basis, and social members reaching approximately 3 million by the end of June 2025.

We are making good progress on our growth strategy. The rollout of Elevate, our new marketplace monetisation tool, is showing early success, with blended commission rates increasing to 15.8% in H1 2025, up from 15.2% in H1 2024. Our 'Travel Plans' feature is seeing strong early adoption, extending our social reach into the pre-booking phase. Our other strategic initiatives, including social platform monetisation and the addition of budget accommodation, are on track for launch in 2025.

Overall, we are pleased with the progress we have made to date, which we believe will support our growth through 2026 and beyond.

¹Company compiled market consensus FY 2025 adjusted EBITDA is €19.9M as of 30 July 2025

²Generated revenue - gross revenue less cancellations and excludes impact of deferred revenue

³Operating costs exclude paid marketing costs, credit card fees, exceptional costs, share option charges, depreciation and amortisation

⁴Net debt is cash less outstanding debt, including term loan, revolving credit facility and warehoused payroll taxes

Outlook:

The Board remains confident in our differentiated growth strategy and reaffirms our full year guidance in line with market consensus.

Analyst Presentation

A presentation will be made to analysts today at 9.00am, a copy of which will be available on our Group website: http://www.hostelworldgroup.com.

If you would like to dial into the presentation, please join directly via the webcast link provided below.

Webcast link: https://brrmedia.news/HSW_HY25

For further information please contact: 

Hostelworld Group PLC                                          [email protected]

Gary Morrison, Chief Executive Officer 

Caroline Sherry, Chief Financial Officer 

David Brady, Head of Commercial Finance

Sodali & Co                                                             [email protected] 

Eavan Gannon / Oliver Banks                                  +44 (0) 20 7250 1446 

About Hostelworld Group

Hostelworld Group PLC is a ground-breaking social network powered Online Travel Agent ("OTA") focused on the hostelling category, with a clear mission to help travellers find people to hang out with. Our mission statement is founded on the insight that most travellers go hostelling to meet other people, which we facilitate through a series of social features on our platform that connect our travellers in hostels and cities based on their booking data. The strategy has been extraordinarily successful, generating significant word of mouth recommendations from our customers and strong endorsements from our hostel partners.

Founded in 1999 and headquartered in Ireland, Hostelworld is a well-known trusted brand with almost 270 employees, hostel partners in over 180 countries, and a long-standing commitment to building a better world. To that end, our focus over the last few years has been on improving the sustainability of the hostelling industry. In particular, over the last two years we have commissioned independent research to validate the category's sustainability credentials and recently introduced a hostel specific sustainability framework which encourages our hostel partners to move to even more sustainable operations and also provides the data points for our customers to make more informed decisions about where they stay. In addition, our customers are now able to offset their trip's carbon emissions should they wish to do so, and we have maintained our 'Taking Climate Action' label awarded by South Pole.

Disclaimer

This announcement contains forward-looking statements. These statements relate to the future prospects, developments and business strategies of Hostelworld. Forward-looking statements are identified by the use of such terms as "believe", "could", "envisage", "estimate", "potential", "intend", "may", "plan", "will" or variations or similar expressions, or the negative thereof. Any forward-looking statements contained in this announcement are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Hostelworld's actual results may vary materially from those expected, estimated or projected. Any forward-looking statements speak only as at the date of this announcement. Except as required by law, Hostelworld undertakes no obligation to publicly release any update or revisions to any forward-looking statements contained in this announcement to reflect any change in events, conditions or circumstances on which any such statements are based after the time they are made.

Cautionary statement

This interim management report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Hostelworld Group plc and its subsidiary undertakings when viewed as a whole.

Chief Executive's Review: Gary Morrison

Throughout the first half of the year, we have continued to execute our highly differentiated growth strategy as outlined in our Capital Markets Day presentation in April 2025, commensurate with our Company Vision to be the world's leading social travel platform.

Executing our growth strategy

Our pioneering social network continues to transform how travellers connect and has become a cornerstone of our growth. In the first half of 2025, 85% of our bookings were made by members of our social network, up from 80% in the first half of 2024. Using booking data, the platform creates hostel and city-based chat rooms for travellers with overlapping stay dates, enabling them to meet and explore destinations together.

With continued innovation in our social network, we have seen significant growth in engagement. The number of messages sent has increased by 42% on a trailing 6-month basis, from 2.3 million to 3.2 million. This deep engagement continues to drive growth in app bookings, which are up 11% year on year. The number of social members also saw substantial growth, reaching 2.9 million by the end of June 2025, up from 1.8 million in June 2024.

Building on this success, we are now extending our social features into the pre-booking phase. Launched in May, our new 'Travel Plans' feature allows travellers to connect with like-minded people from our global community before their trip begins, with trust established through mandatory profile completion. The feature has already seen strong adoption, with thousands of plans created to date, and will be enhanced in Q3 with AI-powered content categorisation and proactive match suggestions. Strategically, 'Travel Plans' allows us to engage customers with our app earlier in the travel research phase, build a rich dataset of travel intentions to train our AI models, and create a foundation for future merchandising. We will begin actively marketing the feature throughout the remainder of the year.

In the post-booking phase, we are also leveraging AI to enhance the customer experience. By analysing chat interactions and travel patterns, our platform recommends relevant people to meet, suggests popular activities, and helps guests discover what is happening nearby. This deeper engagement enables us to anticipate future travel needs and proactively recommend a customer's next destination, driving repeat bookings. We will continue to roll out new AI-powered features throughout the year.

Looking ahead, we have two key strategic priorities for the second half of the year. First, we plan to begin monetising our social network to unlock new revenue streams beyond core accommodation bookings. We expect to launch a pilot version in two markets in early Q4, followed by a global rollout by year end. Second, our Third-Party Inventory (3PI) initiative will integrate new budget accommodation from a third-party supplier. This will expand our addressable market, allowing us to serve travellers in destinations where hostels are unavailable, with the new inventory seamlessly integrated into our app and social ecosystem. Both of these initiatives are on track for launch this year. Collectively, these initiatives will enhance the user experience, expand our addressable market, and diversify our revenue streams, underscoring our commitment to becoming the world's leading social travel platform.

In parallel, we have continued to optimise our hostel sign-up and onboarding processes, complemented by an expanded sales team in several local markets. This has driven strong property activations, particularly in Latin America and the Asia-Pacific region, with significant numbers of new hostels joining the platform. Encouragingly, our established European markets also showed positive momentum in the first half of the year, marked by key openings in major cities for both independent properties and hostel chains. This concerted effort has led to an increase in property activations in the first half year over year, with a sharp acceleration in the second quarter resulting in an 11% year-on-year rise on a 13-week rolling basis.

We also launched our new hostel ranking system, 'Elevate', in May, alongside enhanced rates and inventory tools to help our hostel partners optimise their pricing and visibility. This system enables hostels to increase their commission rates for greater visibility for specific types of demand, while balancing historical user conversion patterns and incentivising desired marketplace behaviours. We have seen a strong uptake of this system by our partners, which has increased our average OTA commission rate from 15.2% in H1 2024 to 15.8% in H1 2025. This compares favourably with our target of approximately 16% for 2027.

During the first half of the year, we launched the initial phase of our hostel-facing chat functionality, enabling hostels to communicate directly with our customers post-booking using our Social Network infrastructure. This marks the beginning of a suite of chat-based tools aimed at enabling smoother communication between hostels and their guests across our OTA and Social Platforms. During H2 we will integrate Hostel-Social member chat within the Linkups product, which we expect to drive greater adoption of our Linkups product. We also continue to invest in broadening the array of channel managers we connect to, reflected in the double-digit growth in supported channel managers year-on-year. Furthermore, we will be adopting the Open Travel Alliance API standard by the end of the year, which we expect to expand our distribution capabilities in 2026.

Our B2B marketing initiatives have also continued to evolve, focusing on educating and engaging partners to help them maximise the value from our platform, with the recent launch of 'Elevate' playing a central role. We hosted our first major conference of 2025 in Tokyo this May, welcoming 300 hostels from across the APAC region, and our flagship European event is scheduled for Seville this autumn, where we anticipate hosting over 500 partners. Beyond these large-scale conferences, we have sponsored and organised numerous smaller, regional gatherings over the past six months, which have been particularly effective in supporting growth in emerging markets. Our global markets team remains active on the ground, providing customised support and training, while our virtual engagement includes a wide range of webinars in multiple languages covering market insights, industry trends, and product launches.

Investing in our platform

Our transition to a fully cloud-native platform for our social network applications is now complete, and we expect to complete the migration of our core Online Travel Agent (OTA) applications by the end of Q3. This architecture provides on-demand scaling, a flexible microservices-based structure, and more opportunities to use off-the-shelf services from our cloud provider, including world-class generative AI tools. Furthermore, recent enhancements to our OTA availability, rates, and inventory services have created opportunities for significantly improved connectivity with both our properties and marketing partners, which we will leverage in Q4 and beyond.

Our cloud-native strategy has also been instrumental in transitioning our infrastructure from periodic manual configurations to an 'infrastructure-as-code' model across all applications - social network, OTA, core, and non-core. This change eliminates single points of failure and dramatically improves the scalability and resilience of our systems. We continue to selectively adopt further cloud-native practices across our remaining non-core OTA legacy systems. Our current focus is on completing the transition for our database layer, ensuring that the long tail of non-core legacy applications benefit from on-demand scaling while improving the observability across our entire application landscape.

Progressing our ESG agenda

At Hostelworld, our guiding principle is 'Building a Better World,' reflecting our commitment to our people, customers, partners, and the planet. Sustainability is a key driver in travel decisions, with 62%[1] of our customers identifying it as an important factor when selecting accommodation. This focus is shared by our partners, as 92%[2] of hostels surveyed rate sustainability as critical to their operations, particularly in areas like water and energy conservation and the protection of local culture. These figures underscore the importance of sustainability to both our customers and hostel partners.

Our 'Staircase to Sustainability' framework is central to our strategy. It supports hostels in showcasing their sustainability efforts and enables customers to make more informed, responsible booking decisions. We are encouraged by its strong adoption, with over 2,500 hostels having already completed the assessment to receive a classification badge on our platform. A further 500 properties are currently undergoing this process.

We continue to work in close partnership with the Global Sustainable Tourism Council (GSTC) and regularly highlight our framework at international events as an example of a custom-built solution for driving continuous improvement. We are also proud to be the only online travel agent (OTA) on the GSTC working group that reviews sustainability criteria for micro and small enterprises, ensuring the voice of the hostel community is heard globally.

Across all our B2C and B2B outreach, we champion hostels that align with the values of our 'Staircase to Sustainability' framework. The framework has a dual purpose: to highlight and reward hostels with strong existing practices, and to inspire and guide others on their sustainability journey. We believe hostels are an inherently sustainable form of accommodation. As regulatory expectations increase and sustainability resonates more strongly with our audience, the need for visible, measurable progress is greater than ever. Our aim is to support our hostel partners in this evolving landscape and to continue showcasing hostels as a leading sustainable accommodation choice.

Finally, we were awarded a silver 'Taking Action Label' from South Pole, our long-term climate solutions provider. This accreditation is approved by CO₂ Logic and validated by the independent third-party auditor, Vinçotte. Additionally, this year we set a new target to reduce our scope 3 emissions (excluding the impact of hostel stays) by 90% by 2040, against a 2023 baseline.

Building a culture where our people can thrive remains a top priority, and we are proud of our continued focus in this area. The last six months have seen us strengthen this commitment through initiatives that foster a greater sense of inclusion and connection. Highlights include our well-received International Women's Day events and a mini-series that clarified the wide range of support available to everyone on our team.

Our people strategy is built around this cultural focus. From their first day, new starters are introduced to our values through our new Culture Code Passport, and our in-person onboarding has received exceptional feedback. In the background, we've been working to make things simpler and more efficient by upgrading our HR systems.

A key achievement has been our ability to work effectively in a hybrid model. This has been a journey shaped directly by feedback from our employees, allowing us to develop guidance that truly works. We see the success of this approach in our ability to attract and keep great people, evidenced by attrition rates below industry benchmarks and reducing time to hire. We are excited by the positive momentum we feel across the entire business.

Summary

We have made significant progress in H1 executing our differentiated strategy which we outlined at our Capital Markets Day. Our pioneering social network continues to drive strong engagement, laying a foundation for future growth. We have enhanced our technological infrastructure with the completion of our cloud-native transition, alongside advancing our commitment to our ESG agenda and nurturing a thriving culture for our people. I am confident that the momentum generated in H1 positions us strongly to deliver on our strategic priorities and continue building the world's leading social travel platform, creating sustained value for all our stakeholders.

Gary Morrison

Chief Executive

30 July 2025

Financial Review: Caroline Sherry

Highlights 

·      Net revenue for the period was €46.7m, +0% year on year (2024: €46.4m) with net bookings of 3.7m (+0% year on year)

·      Net average booking value of €13.40 (-1% year on year)

·      Direct marketing as a percentage of generated revenue totalled 51%, up 6% from 45% in H1 2024 

·      Total operating costs of €44.6m, (H1 2024: €42.5m), +5% year on year driven by an increase in paid marketing costs

·      Adjusted EBITDA €7.4m (H1 2024: €9.6m)

·      Adjusted earnings per share 4.0 € cent (H1 2024: adjusted earnings per share 6.0 € cent) 

·      Net asset position of €70.7m (31 December 2024: €70.1m)

·      Closing cash position of €11.0m (31 December 2024: €8.2m) and a net cash position of €6.1m (31 December 2024: €2.0m)

·      Interim dividend of 0.82 € cent per share (H1 2024: 0.00 € cent per share), in line with stated dividend policy

·      Share buy-back programme introduced up to a maximum aggregate of £5m

Revenue and operating profit  

Net bookings of 3.7m, remained in line year-on-year (H1 2024: 3.7m) with net ABV reducing to €13.40 (H1 2024: €13.60). The main drivers of the reduction in net ABV was the continued preference for low-cost destinations, with Asia posting another record performance in H1 2025, combined with the impact of bed price deflation and a weaker US dollar. The impact of these factors was partially offset by the introduction of Elevate, our new marketplace monetisation tool.

Generated revenue, which comprises of gross revenue less cancellations, declined 1% year-on-year to €49.7m, (H1 2024: €50.3m) due to the contraction in the average value paid by a customer for a net booking. Net revenue, after considering adjustments for deferred revenue, ancillary revenue streams (featured listings), vouchers, refunds and other accounting adjustments, increased year on year to €46.7m (H1 2024: €46.4m). Featured listing advertising revenue, revenue generated from hostels advertising on our platform, amounted to €0.7m (H1 2024: €0.8m). At 30 June 2025, the Group held €6.3m of customer deposits on its balance sheet relating to bookings made under the free cancellation policy (31 December 2024: €3.2m). This balance will largely unwind in H2 2025.

Operating expenses totalled €44.6m (H1 2024: €42.5m), an increase of €2.1m year on year. This was driven by an increase of €2.5m in direct marketing costs to €25.4m (H1 2024: €22.9m). Direct marketing costs as a percentage of generated revenue increased to 51% (H1 2024: 45%) driven by cost inflation. Excluding direct marketing costs, expenses have reduced by 2% year on year due to a reduction in discretionary staff compensation.

Group operating profit amounted to €2.1m (H1 2024: €4.0m), a year on year decrease of €1.9m. Adjusted EBITDA of €7.4m (H1 2024: €9.6m.

Exceptional items 

Exceptional items warrant separate disclosure due to their nature or materiality. The Group incurred €0.3m in the current period on items relating to corporate and strategic activity. There were no exceptional items incurred in the prior period.

Share-based payment 

The Group incurred a total share-based payment expense of €0.8m (H1 2024: €0.9m) arising on the issuance of options in accordance with the Group's Restricted Share Awards ("RSU") and Long-Term Incentive Plans ("LTIP").  

On 24 March 2025 a new long-term incentive plan of 2,093,088 awards was struck for executives and key members of the Hostelworld team. All LTIP and RSU awards are nil cost options.

On 1 May 2025 2,287,540 shares were issued to satisfy long term incentive plan awards in relation to RSU 2022. 100% of the performance obligations were satisfied.

Current and deferred tax  

The Group corporation tax charge for H1 2025 is €0.2m (H1 2024: €0.1m) relating to our international operations where tax losses from our Irish operations cannot be utilised.  

Deferred tax charge of €0.9m (H1 2024: €1.1m) relating to the unwind of a deferred tax asset recognised in H2 2023. The asset recognised in 2023 is being unwound to the income statement to align to how capital allowances on intangible assets, tax losses and interest relief is being utilised. The Group has no unrecognised deferred tax assets.

Earnings per share 

Basic earnings per share for the Group was 0.88 € cent (H1 2024: 2.03 € cent). Adjusted earnings per share was 4.0 € cent per share (H1 2024: 6.0 € cent per share).

Debt warehoused  

The Group availed of the Irish Revenue Commissioners tax warehousing scheme and warehoused €9.4m by deferring payment of all Irish employer taxes from February 2020 to March 2022. The total amount warehoused at 30 June 2025 was €4.9m (31 December 2024: €6.2m).

The Group commenced a repayment plan with the Irish Revenue Commissioners in May 2024 with an initial payment of 15%, followed by monthly repayments for a three-year period to April 2027. The Group continues to monitor and comply with the appropriate Revenue guidelines applicable to this scheme.

Development labour 

Total development labour intangible asset additions amounted to €3.6m during H1 2025 (H1 2024: €2.4m). This asset arose due to work completed on delivery our social strategy, including a new pre-booking feature 'Travel Plans' and continuing to modernise our platforms. This balance includes internal development labour of €2.6m (H1 2024: €1.5m) relating to staff costs capitalised during the period, and other internally generated additions of €1.0m (H1 2024: €0.9m).

Impact of new accounting standards  

New accounting standards and amendments to existing standards implemented in 2025 did not have a material impact on the Group.  

Related parties            

Related party transactions are disclosed in note 13 to the condensed Group Financial Statements. 

Investor relations 

The Group has a proactive approach to investor relations. The release of our annual and interim results, along with quarterly trading updates, provide regular information regarding our performance and are accompanied by presentations, webcasts and conference calls. On 29 April 2025, we hosted a Capital Markets Day at the offices of Deutsche Numis, our corporate broker, in London. On 07 May 2025, an AGM was held providing engagement channels for our shareholders to send advance questions to the Board, with all details relating to the AGM published on the Company's website. 

We held a number of investor roadshows and attended equity conferences. These engagements provided an opportunity for the management team to meet existing and potential investors and analysts. This direct feedback is reflected upon to ensure our investor relations communications are meaningful and effective.

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have a material impact on future Group performance and could cause actual results to differ materially from expected and historical results. The Board considers the risks and uncertainties described in detail in the 2024 Annual Report and Financial Statements, published on 02 April 2025, to remain applicable. Any changes to this evaluation and a description of each is set out within Appendix 2.

Share buyback

On 19 June 2025 the Group announced a share buyback programme to repurchase ordinary shares of up to a maximum aggregate consideration of £5 million.

As at 30 June 2025, a total of 252,943 ordinary shares were repurchased under the share buyback programme at a cost of £0.3 million. In accordance with the share buyback programme, all repurchased shares were subsequently cancelled.

Dividend 

The Group has reinstated a progressive dividend policy with a target annual dividend payout ratio of between 20% and 40% of adjusted profit after tax, in line with the capital allocation framework presented at the Capital Markets Day on 29 April 2025.

The Board has declared an interim dividend of 0.82 € cent per share in respect of the six months ended 30 June 2025 (six months ended 30 June 2024: €nil) payable on 19 September 2025 to shareholders on the register on the record date of 29 August 2025, (ex-dividend date - 28 August 2025).

Caroline Sherry  

Chief Financial Officer             

30 July 2025

RESPONSIBILITY STATEMENT

Each of the Directors of Hostelworld Group plc (as listed on pages 86 to 88 of the Annual Report and Financial Statements for the year ended 31 December 2024, published on 02 April 2025) confirm that, to the best of each person's knowledge and belief:

1.     The condensed set of Group financial statements has been prepared in accordance with United Kingdom adopted International Accounting Standard 34 'Interim Financial Reporting';

2.     The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

3.     The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board

Gary Morrison                                                                        Caroline Sherry

Chief Executive Officer                                                           Chief Financial Officer           

30 July 2025                                                                            30 July 2025