TIDMSSTY

RNS Number : 5170F

Safestay PLC

10 March 2020

10 March 2020

Safestay plc

("Safestay", the "Company" or the "Group")

Trading Update

Safestay (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, announces that the spread of the COVID-19 virus is having an impact on bookings across the hostel network.

We have experienced a material reduction in new bookings over the last week against our expectations and there have been a growing number of group bookings from schools and colleges which have been cancelled or postponed. It is too early to say what the full impact from COVID-19 might be in the current financial year, as it is not known how long the virus will continue to impact travel and spending patterns in Europe and the UK.

As announced in a trading update on 3 February 2020, the Company completed a successful year in 2019 and entered 2020 in a strong financial position. The Board is confident that the business is well placed to weather the current challenges and return to growth as and when the travel market normalises.

In the meantime, the Company is reducing flexible costs where possible to offset the dip in bookings whilst strictly adhering to all health advice in order to help protect all of our staff and guests.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).

Enquiries

 
 Safestay plc                                  +44 (0) 20 8815 1600 
 Larry Lipman 
 
 Liberum Capital Limited 
 (Nominated Adviser and Broker)                +44 (0) 20 3100 2000 
 Andrew Godber/Edward Thomas/Laura Hamilton 
  Novella                                       +44 (0) 20 3151 7008 
 Tim Robertson 
 Fergus Young

For more information visit our:

   Website   www.safestay.com

Vox Markets page https://www.voxmarkets.co.uk/company/SSTY/news/

Instagram page www.instagram.com/safestayhostels/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

TSTEAEDNEEPEEAA

(END) Dow Jones Newswires

March 10, 2020 03:00 ET (07:00 GMT)

Safestay (LSE:SSTY)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Safestay Charts.
Safestay (LSE:SSTY)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Safestay Charts.