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Safestay Plc #SSTY announced, in its trading update, that the spread of the COVID-19 virus is having an impact on bookings across the hostel network. The company 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. 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 staff and guests.
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