February 29, 2024

Situ forecasts 50% rise in revenue

Serviced accommodation specialist Situ is forecasting a sharp rise in revenue this financial year thanks to fast-growing demand.

Giving a trading update today, it said based on the first half of the year it expects its annual revenue to reach £30 million, an increase of almost 50% compared to pre-Covid trading figures.

Situ is also forecasting that the total number of room nights it books on behalf of its corporate customers and TMC partners in this trading year will increase by 53%.

It is seeing particular growth in the global mobility sector, which is set to more than double to reach 22% of its business this year.

The company is also reporting growth in production and entertainment, a new target vertical for Situ set to represent around 7% of its activity this year.

Managing Director Phil Stapleton, pictured here, said: “We’ve found growth in this part of our business really satisfying to see and have been very lucky to work closely with our clients to understand their ongoing needs, and build our processes and technology around them.”

Situ recently unveiled a new brand identity with a “bold new attitude bringing to the forefront its development and successes over the past decade”.

“It is designed to reflect our core values, prioritising reliability in the provision of service whilst highlighting our passion and integrity in forming strong connections with our clients, suppliers and partners,” said Stapleton.

“For me, Situ has always been a hospitality company first and foremost, so we think in terms of guest experience and unforgettable service. We all feel so excited to lead our offering with something so reflective of the company’s ethos and personality.”

Situ now offers live availability to over 250,000 apartments across more than 115 different countries, with more suppliers connecting daily.