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Shares in AIM-listed hostel group Safestay (LON:SSTY) rose by 2.66% to 37.98p (as 12:10 GMT) as revenues grew by 25% during the year ended 31st December. Both occupancy and pricing increased, contributing to an 11% improvement in adjusted EBITDA.
Chairman Larry Lippmann commented: “In 2019 we near doubled the size of the Safestay network. In doing so, the Safestay brand has become Europe’s leading premium hostel network totalling 21 sites, all in sought-after central locations in the UK and Europe’s best known cities. The brand is now well established and positioned to sell over a million bed nights in 2020 in unique hostels ranging from Edinburgh to Athens.
“Trading in 2019 was good, all key indicators were strongly positive, in particular the organic growth performance, and critically we have yet to really benefit from the recent acquisitions agreed towards the end of the year. Safestay is therefore well placed to grow substantially in 2020 and take advantage of the increasing popularity of the modern hostel sector“.