TIDMSSTY
RNS Number : 9373J
Safestay PLC
13 April 2015
Safestay PLC
("Safestay" or "the Company")
Final Results
For the Period to 31 December 2014
Highlights
-- Successful listing on AIM on 2 May 2014, raising GBP4.8m and
simultaneously acquired the Elephant & Castle hostel
-- Trading highlights for Safestay Elephant & Castle* for the year to 31 December 2014:
-- Revenues increased by 19.8% to GBP2.315m (2013: GBP1.933m)
reflecting the growing awareness of the Safestay brand and an
increase in repeat custom from schools and colleges
-- Bed occupancy increased by 9.9%
-- Revenue per available bed (RevPAB) increased by 21.6%
-- Average bed rate (ABR) increased by 10.7%
-- 62.0% increase in earnings before interest & tax to GBP0.972m (2013: GBP0.600m)
*Results provided on a Proforma basis to enable comparisons with
the previous year
-- Acquired an additional hostel in York and signed heads of
terms for a 50-year lease on a hostel in Holland Park, London which
completed on 12 January 2015 and is scheduled to commence trading
in Q2 2015
-- Raised GBP3.3m in a placing in December 2014 to fund the
refurbishment of the Holland Park hostel, repay debt and provide
further working capital
-- Completed the refurbishment of Safestay York in December 2014
-- Further operational progress expected in 2015 under
Safestay's newly appointed CEO, Philip Houghton
-- Looking to expand the portfolio in 2015
-- Recommended final dividend of 0.3p per share
Commenting on the results, Chairman of Safestay, Larry Lipman,
said:
"Hostels have sometimes had a poor reputation in the past but
this is now changing with new entrants such as us introducing a new
brand of luxury hostel, offering safe, stylish and fun
accommodation but still for less than GBP25 per night. Demand is
high not just from traditional hostel customers such as young
adults, schools and colleges but increasingly also from cost
conscious families and business travellers too.
We are aiming to build a premium pan European hostel brand and
we have made good progress towards this aim in 2014 through the
expansion of the portfolio, the increase in occupancy and the
listing on AIM. Looking ahead, we expect to open in Holland Park
and add further hostels in other principal European cities."
For further information:
Safestay
Larry Lipman, Chairman Tel: 020 8815 1600
Colin Stone, Finance Director
Westhouse Securities (Nomad and Broker)
Tom Griffiths Tel: 020 7601 6100
David Coaten
Novella
Tim Robertson Tel: 020 3151 7008
Ben Heath
To access Corporate Images of Safestay:
https://www.flickr.com/photos/128855901@N03/
Chairman's Statement
Overview
The hostel sector is a large, fragmented and severely
under-invested market and largely ignored by mainstream hotel
operators. This was identified as an opportunity a number of years
ago, in the belief that a new entrant could establish a premium
brand while maintaining the key concept of a hostel, but offering
it within a safe and stylish environment.
A core part of Safestay's success is our property expertise. The
ability to source the right properties on competitive terms is
critical, giving us a significant commercial advantage as well as
underpinning the value of the Company.
We understand the processes and structures required to build a
scalable business and we have put these in place to support what we
believe is a very exciting opportunity. Crucially, we are
continuing the process of educating the external market as to the
advantages of staying at a luxury hostel and thanks to our efforts
to date, luxury hostels are rapidly gaining momentum across the
market.
The results we are reporting are for the 11-month period from
the Company's incorporation on 29 January 2014 to 31 December 2014,
although the Company's trading activities did not commence until
its admission to AIM on 2 May 2014. As a result, the audited
financial statements reflect the eight months' trading from that
date and only offer a partial view of the Company's trading
performance in 2014. To provide a more realistic picture of the
trading business acquired in the period, Safestay Elephant &
Castle, we have produced key figures, where possible, on a proforma
basis for the full 12 months of 2014 in order to better reflect the
business' progress.
Financial results
For the period 29 January 2014 to 31 December 2014, the Company
generated revenues of GBP1.938m, leading to an operating profit of
GBP0.580m and a profit before tax of GBP137k. As a consequence,
earnings per share were 1.29p.
As at 31 December 2014, the Company had gross bank and loan note
borrowings of GBP9.284m secured against its properties with an
average weighted interest cost of 5.26%.
The Company has two freeholds and one leasehold property. As at
31 December 2014, its freehold property portfolio was valued at
GBP15.0m.
The Directors are pleased to have recommended the payment of a
final dividend of 0.3p per share on 26 June 2015 to shareholders on
the register on 15 May 2015 for approval at the Company's AGM to be
held on 2 June 2015.
Key achievements in 2014
Significant progress has been made to expand the Safestay
portfolio and strengthen the brand with the addition of two new
hostels following the Company's initial public offering (IPO) on
AIM on 2 May 2014. The hostel sector continues to excite both
consumers and investors and we are confident that Safestay's market
position and leadership team provide the necessary ingredients to
expand the brand into key cities in the UK and Europe.
Since Safestay's listing, the trading performance at Elephant
& Castle continues to improve, delivering growth in both RevPAB
(revenue per available bed) and EBITDA (earnings before interest,
taxes, depreciation and amortisation). The acquisition of Safestay
York followed soon after the IPO in May 2014 and the refurbishment
works were completed in December 2014. We are delighted with the
results of the refurbishment and the first year of trading as
Safestay York is comfortably on track to meet management's
expectations.
One of our major successes in 2014 was securing the heads of
terms on our third property in Holland Park, London, in the face of
intense competition. The lease was signed on 12 January 2015. This
has enabled the business to be in a position to extend our brand
footprint in the capital to almost 800 beds by summer 2015 when
Safestay Holland Park is scheduled to commence trading. There is
significant interest in this property and we are confident that the
hostel has excellent trading potential given the building's
aesthetic appeal and its highly convenient location in a very
desirable central area. It also provides a platform for both
synergies between the hostels and traction to further strengthen
the Safestay brand in the consumer and investor markets.
London continues to be a prime tourist destination and having a
robust presence in the capital will provide many benefits when it
comes to supporting the expansion of the business.
In January 2015, we announced the appointment of Philip Houghton
as Chief Executive who brings with him extensive multi-site hotel
and leisure sector experience.
Safestay's head office function will continue to be strengthened
during 2015 providing expert revenue and group sales management.
Building a strong team and working closely with the business'
strategic partners provides a scalable platform to support the
trading performance of the current portfolio and our expansion
plans.
A large proportion of our business is booked via the internet;
either directly with Safestay through our own website and the group
booking function or through third party agents and online travel
agents (OTAs) such as Hostelworld, HostelBookers and Booking.com.
There are encouraging signs that more customers are booking
directly with us as this channel has more than doubled as a
percentage of total revenues year-on-year. Investment is being
directed into online activity to further enhance the Safestay brand
and encourage continued growth in direct, non-commissionable
business.
Outlook
Safestay is growing rapidly and we expect to add further hostels
to the portfolio in 2015. We are currently sourcing new sites in
cities across Europe that would be popular with our target
market.
At the same time, we are putting in place the necessary
processes and structures to facilitate our growth. As a management
team, it is important for us to remain focused on perfecting the
Safestay offer to ensure that we can replicate the same premium
experience at each new site as they open.
Early trading in Q1 of 2015, traditionally the weakest trading
quarter of the year, has seen year-on-year growth which supports
our confidence that 2015 will be another successful year.
We look forward to an exciting and profitable journey ahead.
Larry Lipman
Chairman
10 April 2015
Strategic Report
Principal activity
The principal activity of the Group comprises the operating of
upmarket backpacker tourist hostels under the Safestay brand in
properties that are either owned or occupied on long leasehold.
Review of business and future prospects
Safestay Elephant & Castle enjoyed uninterrupted trading
through the IPO period and to the financial year end on 31 December
2014. It should be noted that whilst the hostel has been trading
since June 2012, Safestay plc acquired the Elephant & Castle
hostel on 2 May 2014 at the time of its IPO. The reported numbers
reflect the eight months' trading from the date of the
acquisition.
The underlying business has met management's expectations with
revenues of GBP1.938m and a trading EBITDA of GBP706k for the
period from 2 May to 31 December 2014. With York freshly launched,
Elephant & Castle still maturing and Holland Park scheduled to
open in early summer, 2015 is set to be a year of revenue and
profit growth. The management team is keen to expand the brand
further and is actively sourcing new sites.
Investment is being made in a new website which will bring the
current portfolio of hostels onto a single platform and allow for
additional sites to be absorbed more easily going forward. In early
2015, the team has been strengthened under the leadership of the
new CEO Philip Houghton with the focus on revenue management, group
sales and administration. This fits into our objective of driving
greater value from existing operations and having the specialised
skills and resources in place to absorb new hostels in future.
Safestay's internal and external resources are under constant
review to ensure that the operations are optimised and growth can
be managed within reasonable cash flow considerations.
Safestay has a proactive approach to recruitment and development
of the talent within the organisation and values the contribution
all team members make to the business and our guests' experience.
Robust training plans are in place with more emphasis planned
around our organisational procedures during 2015. In addition, our
Elephant & Castle hostel has aligned team pay rates to comply
with London living wage levels and Safestay has joined the Living
Wage Foundation.
Proforma results for Elephant & Castle for the year ended 31
December 2014
The Elephant & Castle hostel achieved the following results
on a 12-month proforma basis:
-- Revenues increased by 19.8% to GBP2.315m (2013: GBP1.933m)
reflecting the growing awareness of the Safestay brand and an
increase in repeat custom from schools and colleges
-- Bed revenue increased by 21.6% to GBP2.214m (2013: GBP1.820m)
reflecting a 10% increase in the bed rate to an average price of
GBP18.80 (2013: GBP16.99) per bed, a price point that offers
exceptional value for central London
-- Occupancy increased by 9.9%
-- 62.0% increase in earnings before interest & tax to GBP0.972m (2013: GBP0.600m)
York & Holland Park
Safestay York was acquired on 24 May 2014 and was under
refurbishment until December 2014, although it still continued to
trade to some extent whilst the works were being undertaken.
There is no comparable trading performance available for the
York hostel as it is a new to the Safestay portfolio, however the
following points are worth noting:
-- Occupancy in York in 2014 was 49.3% for the 7 months and 8 day period of ownership
-- Following the completion of the acquisition of York, in the
period, and Holland Park, post the period end, the number of beds
within the Safestay portfolio will increase from 413 to 928
-- During 2014, the Group spent approximately GBP0.3m on
upgrading and refurbishing the York hostel and has allocated
GBP2.0m to totally refurbishing the Holland Park hostel, which is
scheduled to open in Q2 2015
Principal risks and uncertainties
The principal risks and uncertainties that could potentially
have an impact on the Company's performance are detailed below.
Business risk
Safestay operates in the hospitality industry which, over the
years, has experienced fluctuations in trading performance.
Traditionally the hotel sector's performance has tracked
macro-economic trends; feeling the strain during the economic
downturn and more buoyant during recovery. The hostel sector, which
leans more heavily on leisure travellers and has a lower price
point, has proved more resilient and has delivered more robust cash
flows through the economic cycle.
A proportion of Safestay's business comes from Europe and, of
this, a number of school groups use our properties. The business is
therefore susceptible to changes in the source market and schools'
education and travel policies, as well as exchange rate
fluctuations.
Whilst demand in Safestay's markets is projected to strengthen,
new competition will threaten the trading performance of the
hostels. Safestay's defence to such threats is a combination of
operating in premium locations and its accommodation offering. In
addition, the business' focus on sales and marketing activity and
customer service is key in order to protect and grow its market
share as supply increases.
Safestay's ambition is to expand our portfolio of hostels in key
gateway cities both in the UK and across Europe. Accessing
opportunities at the right price and in the right locations is by
its nature an opportunistic exercise and whilst the management team
has an excellent track record in securing properties to support
business growth, it is not possible to accurately predict the
growth profile of the business.
Financial risk
Safestay uses bank loans to partially fund the freehold interest
in the Elephant & Castle and York hostels. These loans have
variable interest rates which track LIBOR. Any increases in LIBOR
will increase the cost of these loans and therefore impact the net
profit of the business. This risk has been partially mitigated by
the use of interest rate swaps and caps.
The determining factor in Safestay's ability to acquire further
hostels is governed by cash reserves and the ability to raise
additional equity and debt. As such, there may be times when
opportunities cannot be taken advantage of due to funds not being
available or allocated elsewhere. Strict financial controls are in
place to ensure that monies cannot be expended above the available
limits or to breach any banking covenants.
A proportion of Safestay's business comprises group bookings and
there is a risk of booking cancellations which will leave the
hostel with unforeseen inventory to sell at relatively short
notice. To offset this risk, all group bookings require a
non-refundable deposit of 10% at time of confirmation and staged
payments in advance of the group's arrival. Safestay has a policy
of full payment upfront for guests staying which is the norm for
hostels. As such there are no trade debtor risks.
Approved by the Board of Directors and signed on behalf of the
board.
Larry Lipman
Chairman
10 April 2015
Safestay plc
Consolidated Income Statement
Period ended 31 December 2014
Note 2014
GBP'000
Revenue 1,938
Cost of sales (204)
--------
Gross profit 1,734
Administrative expenses (1,154)
Operating profit 580
Finance income 1
Finance costs (444)
--------
Profit before tax 137
Tax (22)
--------
Profit for the financial period attributable
to owners of the parent company 115
========
Basic earnings per share 2 1.29p
Diluted earnings per share 2 1.18p
The revenue and operating result for the period is derived from
acquired and continuing operations in the United Kingdom.
Safestay plc
Consolidated Statement of Comprehensive Income
Period ended 31 December 2014
2014
GBP'000
Profit for the period 115
--------
Other comprehensive income
Items that will not be reclassified
subsequently to profit and loss
Revaluation of freehold land and buildings 206
Total comprehensive income for the
period attributable to owners of the
parent company 321
========
Safestay plc
Consolidated Statement of Financial Position
31 December 2014
Note 2014
GBP'000
Non-current assets
Property, plant and equipment 3 15,000
Total non-current assets 15,000
--------
Current assets
Inventory 4
Trade and other receivables 167
Deferred tax 21
Derivative financial instruments 7
Cash and cash equivalents 3,310
Total current assets 3,509
--------
Total assets 18,509
--------
Current liabilities
Loans and overdrafts 4 1,314
Trade and other payables 662
Current liabilities 1,976
--------
Non-current liabilities
Bank loans and convertible loan notes 4 7,786
Derivative financial instruments 46
Total non-current liabilities 7,832
--------
Total liabilities 9,808
--------
Net assets 8,701
========
Equity
Share capital 5 192
Share premium account 6 6,410
Merger reserve 7 1,772
Share based payment reserve 6
Revaluation reserve 206
Retained earnings 115
--------
Total equity attributable to owners of
the parent company 8,701
========
These financial statements were approved by the Board of
Directors and authorised for issue on 10 April 2015.
Signed on behalf of the Board of Directors
Larry Lipman Colin Stone
Safestay plc
Consolidated Statement of Changes in Equity
31 December 2014
Share
Share based
Share premium Merger payment Revaluation Retained Total
Capital account Reserve reserve Reserve earrnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------- ------- ------- ------- ----------- --------- -------
Comprehensive income
Profit for the period - - - - - 115 115
Other comprehensive income - - - - 206 - 206
------- ------- ------- ------- ----------- --------- -------
Total comprehensive income - - - - 206 115 321
Transactions with owners
Issue of shares 192 6,410 1,772 - - - 8,374
Share based payment charge
for the period - - - 6 - - 6
------- ------- ------- ------- ----------- --------- -------
Balance at 31 December
2014 192 6,410 1,772 6 206 115 8,701
======= ======= ======= ======= =========== ========= =======
Safestay plc
Consolidated Statement of Cash Flow
Period ended 31 December 2014
Note 2014
GBP'000
Operating activities
Cash generated from operations 8 639
Net cash generated from operating activities 639
----------
Investing activities
Interest received 1
Purchase of property, plant and equipment (2,724)
Acquisition of subsidiary net of cash (5,320)
Net cash Outflow from investing activities (8,043)
----------
Financing activities
New loans 9,917
Loan arrangement fees (226)
Issue of ordinary shares 8,114
Fees related to the issue of shares (1,549)
Interest paid (356)
Loan repayments (5,186)
Net cash generated from financing activities 10,714
----------
Net increase in cash and cash equivalents 3,310
Cash and cash equivalents at end of period 3,310
==========
Safestay plc
Notes to the Consolidated Accounts
Period ended 31 December 2014
1. BASIS OF PREPARATIOn
On 10 April 2015, the Directors approved this preliminary
announcement for publication. Copies of this announcement are
available from the Company's registered office at 1a Kingsley Way,
London, N2 0FW and on its website, www.safestay.co.uk. The Annual
Report and Accounts will be sent to shareholders in due course and
will be available on the Company's website, www.safestay.co.uk.The
financial information presented above does not constitute statutory
financial statements as defined by section 435 of the Companies Act
2006 for the period ended 31 December 2014.
The financial information for the period ended 31 December 2014
is derived from the statutory financial statements for that period,
prepared under IFRS, upon which the auditors have reported. The
audit report was unqualified, did not include references to matters
to which the auditor drew attention by way of emphasis without
qualifying their report and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006. The statutory
financial statements for the period ended 31 December 2014 will be
delivered to the Registrar of Companies following the Company's
Annual General Meeting.
The accounting policies applied in this announcement are
consistent with those of the annual financial statements for the
period ended 31 December 2014, as described in those annual
financial statements.
2. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
2014
GBP'000
Profit for the period attributable to equity
holders of the company 115
========
2014
'000
Weighted average number of ordinary shares
for the purposes of basic earnings per share 8,948
Effect of dilutive potential ordinary shares 792
------
Weighted average number of ordinary shares
for the purposes of diluted earnings per
share 9,740
======
3. PROPERTY, PLANT AND EQUIPMENT
Freehold Fixtures, Total
land and fittings GBP'000
buildings and equipment
GBP'000 GBP'000
Cost
Additions 2,683 41 2,724
Acquisitions 12,128 72 12,200
Revaluation 110 - 110
----------- --------------- ---------
At 31 December 2014 14,921 199 15,034
----------- --------------- ---------
Depreciation
Charge for the period 96 34 130
Revaluation (96) - (96)
----------- --------------- ---------
At 31 December 2014 - 34 34
----------- --------------- ---------
Net book value:
At 31 December 2014 14,921 79 15,000
=========== =============== =========
At 31 December 2014, the carrying value of the Group's freehold
property including fixtures and fittings was GBP15,000,000.
The Directors valued the properties at 31 December 2014 using
external valuations prepared by Edward Symons LLP and the
directors' consideration on of factors. The valuations are based on
the discounted cash flows technique with a capitalisation rate of
8% and discount rate of 10.5% applied to forecasts of future
earnings before interest, taxation and depreciation (EBITDA).
The revaluation surplus net of applicable deferred income taxes
was credited to other comprehensive income and is shown in
revaluation surplus. The freehold property is the only
non-financial asset held at fair value. The valuation of this asset
requires significant inputs that are not based on observable market
data (level 3). The property's current use equate to the highest
and best use.
The Group's policy is to recognise transfers into and out of
fair value hierarchy levels as of the date of the event or change
in circumstances that caused the transfer. No transfers occurred
during the period.
The most significant inputs, all of which are unobservable, are
forecast EBITDA and the capitalisation rate. The overall valuations
are sensitive to these assumptions and management considers the
range of reasonably possible alternative assumptions.
The following table details the sensitivity of changes in the
underlying inputs
31 December 2014 valuation
GBP'000 GBP'000 GBP'000
Change in EBITDA
5% 0% -5%
Change
in -0.5% 16,658 15,868 15,068
Cap rate 0% 15,731 15,000 14,232
0.5% 14,893 14,181 13,478
======== ======== ========
The historical cost of property, plant and equipment is
GBP14,924,000.
The Group has pledged freehold property with a carrying value of
GBP14,921,000 to secure banking facilities and loan notes granted
to the Group.
4. Loans
2014
GBP000
------
At amortised cost
Bank loan 5,460
Convertible loan notes 2,800
Loan notes 1,024
------
9,284
Unamortised borrowing costs (184)
------
9,100
======
Loans due within one year 1,314
Loans due after more than one year 7,786
------
9,100
======
The Bank loan has a term of five years on which interest is
payable at 3.25% over LIBOR. The Group has given security to the
bank including a first ranking charge over the Group's freehold
hostel in Elephant & Castle. There were no breaches in bank
loan covenants as at 31 December 2014.
The convertible loan notes were issued on 2 May 2014. They are
convertible into Ordinary Shares at the option of the noteholder,
at any time prior to redemption, as a rate which values each
Ordinary Share at 57.5p per share. The redemption period is three
years from the date of issue. Interest is payable at 6% per annum.
The convertible loan notes are secured by way of a charge over the
Group's hostel in Elephant & Castle, ranking after the security
granted to the bank.
The loan notes were issued on 24 May 2014. They are repayable in
one year. The rate of interest on the loan notes is 0.75% per month
for the first eight months and then 11% per annum for the remaining
four months. The loan notes are secured over the Group's Hostel in
York.
All of the Group's loans disclosed above comprise borrowings in
sterling.
The repayment profiles of the loans are as follows:
Convertible Bank loan Total
loan notes loan notes
GBP000 GBP000 GBP000 GBP000
------------ ------- ------- -------
Due within one year - 300 1,024 1,324
Between one and two years - 300 - 300
Between two and five years 2,800 4,860 - 7,660
------------ ------- ------- -------
Balance at 31 December 2014 2,800 5,460 1,024 9,284
============ ======= ======= =======
5. CALLED UP EQUITY Share capital
GBP000
------
Allotted, issued and fully paid
1 Ordinary Share of 1p issued on 29 January -
2014
13,217,246 Ordinary shares of 1p each issued
on 2 May 2014 132
6,027,272 Ordinary Shares of 1p each issued
on 22 December 2014 60
------
19,244,519 Ordinary Shares of 1p each as at
31 December 2014 192
======
At 31 December 2014, the ordinary shares rank pari passu. There
are no changes to the voting rights of the ordinary shares since
the balance sheet date.
On 29 January 2014, the Company issued GBP50,000 redeemable
preference shares of GBP1 each which were redeemed on 2 May 2014 at
par.
6. SHARE PREMIUM
GBP'000
Share premium received on issue of 9,600,000 Ordinary
Shares on
2 May 2014 at 49p per share 4,704
Share premium received on issue of 6,027,272 Ordinary
shares issued on 22 December 2014 at 54p per share 3,255
Share issue costs (1,549)
-------
6,410
=======
7. Merger reserve
GBP'000
Share premium received on issue of 3,617,246 Ordinary
Shares on
2 May 2014 at 49p per share to acquire Safestay
Elephant and Castle 1,772
1,772
=======
8. NOTES TO THE CASH FLOW STATEMENT
2014
GBP'000
Profit before tax 137
Adjustments for:
Depreciation of property, plant and equipment 130
Finance cost 444
Finance income (1)
Share based payment charge 6
Changes in working capital:
Increase in stock (1)
Increase in other receivables (50)
Decrease in trade and other payables (26)
Cash generated from operations 639
========
9. Post balance sheet events
On 12 January 2015, Safestay plc signed a 50 year lease to rent
a hostel property in Holland Park, West London. The lease payments
are GBP660,000 per annum with an RPI increase every 5 years.
10. Business combinations
On 2 May 2014, Safestay plc acquired 100% of the partner's interest
in the Safestay joint venture, which owns and operates the Safestay
Elephant & Castle hostel. The joint venture was between Safeland plc
and Moorfield Funds who owned 20% and 80% respectively. Moorfield Funds
sold their interest for GBP6.242m. Safeland plc demerged their 20%
interest in consideration of 3,617,246 Safestay shares.
Assets acquired and liabilities recognised at the date of acquisition
were as follows:
GBP'000 GBP'000 GBP'000
Directors' Directors'
adjustment valuations
Non-current assets
Property, plant and equipment 12,200 - 12,200
Current assets
Stock 3 - 3
Trade and other receivables 117 - 117
Cash and cash equivalents 922 - 922
------------
1,042 - 1,042
--------------- ------------------- ------------
Total assets 13,242 - 13,242
--------------- ------------------- ------------
Current liabilities
Bank loans 250 - 250
Trade and other payables 645 - 645
------------
895 - 895
--------------- ------------------- ------------
Non-current liabilities
Bank loans 4,159 137 4,296
--------------- ------------------- ------------
Total liabilities 5,054 137 5,191
--------------- ------------------- ------------
Net assets 8,188 (137) 8,051
=============== =================== ============
Consideration transferred:
3,617,246 Safestay shares issued to
Safeland plc 1,809
Cash paid to Moorfield fund 6,242
------------
8,051
============
The Directors' adjustment eliminates prepaid loan arrangement
fees due to the related loan being repaid immediately following the
acquisition.
11. RELATED PARTY TRANSACTIONS
The Group has taken advantage of the exemption contained within
IAS 24 - 'related party disclosures' from the requirement to
disclose transactions between group companies as these have been
eliminated on consolidation.
The remuneration of the directors, who are the key management
personnel of the Group, is set out below.
2014
GBP'000
Directors' emoluments including employers national
insurance 22
Share based payments 6
28
========
At 31 December 2014, the Group owed Safeland plc GBP68,000.
Safeland plc is related to Safestay plc by way of common
directors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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