5th Sep 2024 14:27
Safestay PLC - operates hostels in nations including the UK, Germany, Spain, Italy and Portugal - Says revenue for the first half of 2024 increased 6.6% to GBP10.7 million from GBP10.0 million the year before. Pretax loss totals GBP113,000 compared with the prior year's GBP947,000 loss. Occupancy rate rises to 70.6% from 69.8%, nearing the pre-pandemic 71.1% reached in the second half of 2019. Bed nights sold increase 6.0% to 412,442 from 389,124, 42.3% of which was booked through "more profitable direct and non-commissionable channels" compared with 26.9% last year. Net asset value is 49.8p per share at June 30, up 17% from 42.3p one year prior, "reflecting the strength of the group's portfolio". Company says "strong momentum has continued" into the third quarter, "with sales to the end of August significantly ahead of last year".
Chair Larry Lipman says: "2024 so far has been a period of significant strategic progress for Safestay...In addition to remaining focused on delivering organic growth through our operational initiatives, we will continue to actively evaluate new opportunities where well-located, attractive sites become available."
Current stock price: 25.99p, up 13% on Thursday afternoon in London
12-month change: up 8.3%
By Emma Curzon, Alliance News reporter
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