Safestay sees annual earnings rising amid 39% jump in revenue

Writer, Stock Market Wire
Tuesday, February 5, 2019 - 07:08

Hostel group Safestay said it expected post higher annual earnings after its revenue jumped 39%.

Ebitda for the year through December was seen rising to at least £3.4m, compared to £3.2m on-year, the company said.

Revenue jumped to £14.6m amid growth in the company's occupancy rate to 75.6%, up from 72.8%.

Safestay plc (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, is pleased to provide the following trading update for the 12 months to 31 December 2018.

'The focus is to grow the brand and the company has the capital to support an increase from the 13 sites today to over 20, at which point the business will become self-funding and increasingly gain from economies of scale and brand growth,' chairman Larry Lipman said.

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