Safestay says revenue, earnings in line with market expectations
Source - SMW
Hostel owner Safestay said it had increased earnings, revenue and occupancy levels in line with market expectations during 2017.
Revenue had grown 43% to £10.6m, boosted in part by acquisitions, the company said.
Like-for-like occupancy increased by 13.5% to 74%.
'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,' chairman Larry Lipman said.
'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.'