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Pin to quick picksSafestay Regulatory News (SSTY)

Share Price Information for Safestay (SSTY)

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Trading Statement

28 Feb 2023 07:00

RNS Number : 2098R
Safestay PLC
28 February 2023
 

28 February 2023

 

Safestay plc

("Safestay", the "Company" or the "Group")

Trading Update - Normal Business Resuming

Safestay (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, is pleased to announce a trading update for the 12 months to 31 December 2022. Main highlights:

· Revenues ahead of market expectations, expected to be £19.0 million (2021: £6.4 million - trading restricted)

· Adjusted EBITDA is expected to be in line with market expectations of £5.9 million (2021: Loss of £1.0 million). Adjusted EBITDA represents earnings before interest, tax, depreciation, amortisation, profit on disposal, rent charges and exceptional one-off costs in the period

· This marks the return to a near-normal premium hostel market with further upside anticipated

· A key driver has been the improvement in average bed rate to £23.70 (2021: £19.70)

· Occupancy also increased significantly to 63% versus 35% in 2021

Please note the 2022 figures are unaudited.

The business is returning to normal. Whilst the portfolio of 16 high quality hostels was only open for 97% of the year due to the pandemic, the operational performance was broadly uninterrupted. This allowed the business to re-emerge over the course of the year, improving strongly over the key summer months.

Demand also built up over the course of the year across the portfolio with occupancy increasing to 63%, although this still remains well below historic market levels with significant opportunity for continuing improvement. Importantly, guests were predominantly young travellers visiting European cities as group bookings by schools and colleges had not yet returned in significant numbers, but there are positive signs that they are in 2023.

A strong driver behind the Group's successful trading performance was the increase in the average bed rate to £23.70 up from £19.70 in 2021. This 20% uplift should be sustainable and if combined with a continued increase in occupancy, provides a firm platform for a strong performance through this year.

Financially, the Group is in a good position following the sale of two properties in 2021. As at 31 December 2022, the Group had cash of £4.8 million.

Larry Lipman, Chairman of Safestay, said, "The pandemic enforced fundamental change on our business. It required we re-finance the Group and strip back the operational structure to a bare minimum. As part of re-starting the business, we have been able to use our accumulated knowledge to build the business back up more efficiently and the Group is perhaps the stronger for it. Certainly, our performance in 2022 was pleasing and we are now focused on continuing the- growth in 2023."

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

 

 

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TSTEAPAXAFLDEFA
Date   Source Headline
26th Jul 20177:00 amRNSDirector/PDMR Shareholding
11th Jul 201711:25 amRNSDirector/PDMR Shareholding
3rd Jul 20177:00 amRNSAcquisition
6th Jun 20171:29 pmRNSResult of AGM
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22nd May 20177:00 amRNSAcquisition
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4th May 20177:00 amRNSDirectorate Change
10th Apr 20177:00 amRNSFinal Results
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20th Mar 20174:54 pmRNSHolding(s) in Company
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6th Feb 20177:00 amRNSTrading statement and notice of results
5th Jan 201710:10 amRNSHolding(s) in Company
21st Dec 20167:00 amRNSHolding(s) in Company
7th Dec 201612:25 pmRNSHolding(s) in Company
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6th Oct 20167:00 amRNSNew Planning Permission
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12th Sep 201610:31 amRNSHalf-year Report - Replacement
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20th Jul 20163:14 pmRNSRevaluation of Elephant and Castle Hostel
7th Jun 20161:30 pmRNSResult of AGM
6th May 201612:47 pmRNSNotice of AGM
11th Apr 20167:00 amRNSFinal Results
23rd Mar 20167:00 amRNSChange of Adviser
15th Feb 20167:00 amRNSTrading Update
18th Jan 201612:41 pmRNSHolding(s) in Company
8th Jan 20166:25 pmRNSHolding(s) in Company
6th Jan 201611:59 amRNSChange of Adviser Name
27th Nov 20153:44 pmRNSHolding(s) in Company - Replacement
27th Nov 20152:30 pmRNSHolding(s) in Company
19th Nov 20157:00 amRNSSenior Management Appointment
2nd Oct 20152:43 pmRNSDirectorate Change
25th Sep 201512:14 pmRNSHolding(s) in Company
18th Sep 20158:09 amRNSCompletion of Acquisition
17th Sep 20152:59 pmRNSReleased in error - Result of GM
17th Sep 20151:56 pmRNSResult of GM
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11th Sep 20155:35 pmRNSHolding(s) in Company
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9th Sep 201512:12 pmRNSResult of Meeting
9th Sep 20157:00 amRNSInterim Results for the Six Months to 30 June 2015
7th Sep 20157:00 amRNSResult of Open Offer
26th Aug 20157:00 amRNSSchedule 1 - Safestay Plc
17th Aug 20157:30 amRNSRestoration - Safestay plc

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