Safestay FY24 losses narrow on record revenues
By Iain Gilbert
Date: Monday 23 Jun 2025
(Sharecast News) - Hostels operator Safestay said on Monday that losses had fallen in FY24, principally due to record revenues.
Safestay said post-tax losses had narrowed by £500,000 to £900,000, with losses per share improving to 1.37p from 2.09p in FY23. Adjusted underlying earnings slipped from £6.8m to £6.5m.
Revenues grew to a record £23.0m, up from £22.49m in the prior year, with UK sales increasing by 8% to £9.0m and overseas sales slipping 1% year-on-year to £14.0m due to unfavourable movements in the Euro.
The AIM-listed group also highlighted a 10% increase in total bed nights to 931,688, a recovery in group bookings and a 26% increase in non-accommodation spend that helped offset a 10% decrease in average bed rates.
Chairman Larry Lipman said: "Our outstanding locations, focus on delivering safe and enjoyable spaces for a broad range of travellers, and growing reputation for fantastic value all continue to resonate well with our customers. As a result, I am pleased to report a year of good strategic and operational progress with record revenues achieved despite the challenging macroeconomic environment.
"Whilst consumer confidence continues to remain under pressure, we remain confident in our highly relevant customer proposition. We have a clear strategy to capitalise on the significant growth opportunities in the international hostel market, including several promising prospects in our expansion pipeline."
As of 0840 BST, Safestay shares were up 3.92% at 25.98p.
Reporting by Iain Gilbert at Sharecast.com
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