Last checked at 29 Jun 2022 07:00
29 June 2022
Safestay plc
("Safestay", the "Company" or the "Group")
Extension to publication deadline for 2021 Audited Annual Results and Trading Update
Safestay (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, announces that following the grant by AIM Regulation of an extension to its 2021 annual reporting deadline, it now expects to report its 2021 Annual Results during July 2022, rather than on or before 30 June 2022.
The delay is occasioned at the request of the Company and its auditors, Nexia Smith & Williamson Audit Limited, as additional time is required to complete the audit work for the year ended 31 December 2021 due to Covid related challenges and the impact it has had on resource availability to complete the audit.
Operational and Financial Update
Safestay currently operates 16 hostels with approximately 3,257 beds across 11 European and 3 UK cities. Occupancy achieved during 2021 when the hostels were open was 35% (2020: 38%) and room rate recovered to approximately 92% of pre-Covid levels seen back in 2019.
Revenue and Gross Profit are expected to be £6.4m and £5.1m respectively for the year ended 31 December 2021. Underlying profitability of the Group (prior to disposals) will still reflect the impact of the closure periods due to the pandemic.
Revenues for the first quarter of 2022 were slightly ahead of management's prudent expectations. The Board confirms that overall trading across the Group since the year end remains in line with its expectations.
Liquidity
Cash in bank as at 30 April 2022 was approximately £3.4m. The Directors remain confident that the business has the available resources to fund the business for the foreseeable future.
Please note that the figures in this statement are unaudited.
Larry Lipman, Chairman of Safestay, said "We have had a good first quarter slightly better than we forecast and with room rate returning to pre-pandemic levels, we look forward to providing more detail to shareholders in July."
Enquiries:
Safestay plc Tel: +44 (0) 20 8815 1600
Larry Lipman
Liberum (Nomad & Joint Broker) Tel: +44 (0) 20 3100 2000
Andrew Godber / Edward Thomas / Miquela Bezuidenhoudt
Novella Tel: +44 (0) 20 3151 7008
Tim Robertson / Safia Colebrook