Safestay PLC Shows Growth Amid Expansion

Safestay (GB:SSTY) has released an update.

Safestay PLC reported an 18% revenue increase to £22.5 million and a rise in adjusted EBITDA to £6.8 million in their 2023 final results, despite a net loss of £1.3 million due to expansion efforts including the acquisition of new properties. The company’s occupancy rates improved to 71.4%, with forward bookings for the beginning of 2024 looking promising at £3.7 million. With the addition of new hostels in the UK and Spain, Safestay is poised for growth in group and direct bookings.

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