UK's Safestay hits near three-month high on strong 2023 performance

Safestay

29/01/2024 08:48

** Shares of Safestay Plc  SSTY.L  jump 4.3%
    ** They rose as much as 8.7% to hit day's high of 25p, their
highest since Nov. 3, 2023
    ** UK-based owner and operator of international brand of
hostels says forward bookings - a key industry metric - up
two-fold to 3.9 mln pounds ($5 mln) as of  Jan. 1, 2024
    ** Co says 2023 occupancy increased to 71.4% vs 63% a year
ago
    ** Adds, 2023 performance "comfortably" in line with its
expectations; 2023 sales expected to be 22.5 mln pounds, up ~18%
Y/Y
    ** Separately, group refinances existing borrowings into a
single 16-mln-pound term loan and adds new 2.5-mln-pound
revolving credit facility to support future growth plans
    ** Stock gained 62% in 2023


($1 = 0.7869 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))