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Safestay swings to loss in H2

Safestay PLC said its normalized net income for the second half was a loss of £225,630, compared with income of £7,780 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue rose 62.7% on an annual basis to £2.6 million from £1.6 million, and total operating expenses climbed year over year to £2.4 million from £1.2 million.

Reported net income came to a loss of £350,870, or a loss of 1 pence per share, compared to income of £18,260, or 0 pence per share, in the year-earlier period.

For the year, the company's normalized net income totaled £381,250, compared with income of £93,410 in the prior year.

Full-year total revenue grew 90.3% year over year to £4.0 million from £2.1 million, and total operating expenses increased 157.4% year over year to £3.8 million from £1.5 million.

The company said reported net income totaled a loss of £602,000, or a loss of 3 pence per share, in the full year, compared with income of £125,380, or 1 pence per share, the prior year.