REG - Safestay PLC - Notice of Results and Trading Update

SafestayAnnouncement

29/06/2022 07:00

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RNS Number : 5451Q  Safestay PLC  29 June 2022

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

 

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