Safestay shares boosted by 43pc revenue rise

Hostel chain Safestay (LON:SSTY) saw shares rise over 6 percent on Tuesday morning, after a 43 percent revenue boost in 2017.

Earnings, revenue and occupancy levels all increased in line with market expectations during the course of the year, with revenue hitting £10.6 million.Like-for-like occupancy increased by 13.5 percent to 74 percent

The group’s chairman Larry Lipman commented on the results:

“The hostel market has grown substantially in the last few years and a key driver has been the growing awareness amongst consumers of what staying in a contemporary hostel offers them.

“As a result, momentum is good and Safestay is benefitting from market growth, much improved operating practices and from being a truly distinct brand at the high end of this market.”

Safestay own a series of hostels in cities across Europe, including London, Barcelona, Edinburgh and Lisbon. Shares in the group are currently trading up 6.38 percent at 50.00 (0858GMT).