Safestay shares slump as profits, forward bookings drop
For the six months to 30 June, revenue from continuing operations fell 10.6% to £8.4m, as occupancy declined to 60.8% from 68.2%, outweighing an 8.3% increase in the average bed rate to £22.10.Adjusted EBITDA dropped to £0.6m from £2.1m as the adjusted EBITDA margin sank to 7.5% from 22.6%."This re…