Accommodation provider Hostelworld has been able to follow the spread of coronavirus through its
revenue streams, the company revealed yesterday as it announced that the outbreak has led to big falls in
bookings. That led to Hostelworld warning it will take a €3m (£2.6m) to €4m hit to earnings before
interest, tax, depreciation and amortisation in the first quarter of the year. The spread of Covid-19 since late
January has prompted people to travel less, and therefore there is less demand for accommodation. The
company said: “As the coronavirus has spread from region to region, we have observed a material reduction
in bookings and an increase in marketing cost as a percentage of net revenue.” Hostelworld said the drop in
global travel demand was first noticed in Asia but more recently has spread to Europe. PA
Offshore wind industry announces Bame targets
The offshore wind industry has unveiled plans to create job opportunities for thousands of new apprentices
and recruit more black, Asian and minority ethnic (Bame) workers by 2030. It is pledging to employ at least
3,000 apprentices between now and the end of the decade, working in roles including turbine technicians
and maintenance engineers as well as in management and finance. The Offshore Wind Industry Council
said the sector is also setting a target of 9 per cent of the workforce made up of people from Bame groups,
increasing to 12 per cent by 2030, compared with the current figure of 5 per cent in the energy sector
overall. PA
Survey points to slowing service sector growth
Growth in the UK service sector slowed in February as fears over coronavirus weighed on the economy.
The IHS Markit/CIPS UK services purchasing managers’ index (PMI), a closely watched measure, reached
53.2 in February, slower than 53.9 the month before. Anything above 50 means that the sector is growing,
while a score below that means it is shrinking. “The post-election rebound in service sector growth lost
some of its bounce in February, in part due to coronavirus-related disruptions to sectors such as travel and
tourism, but continued to expand at an encouragingly robust pace,” said Chris Williamson at IHS Markit,
which compiles the survey. PA
Trafford Centre owner Intu ditches £1.5bn cash call
The owner of the Trafford Centre in Manchester has been forced to abandon plans to raise up to £1.5bn to
pay down its massive pile of debt. The shopping centre operator, which also owns Lakeside in Essex, said
market uncertainty had deterred investors. The failure to raise funds has been a major frustration for Intu
boss Matthew Roberts, who had hoped the cash could help reduce the firm’s £5bn debt. “It is disappointing
that the extreme market conditions have prevented us from moving forward with our planned equity raise,”
he said. PA