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(Alliance News) - Lok'n Store Group PLC on Wednesday said that trading this year continues to be "excellent", thanks in part to the opening of several new stores across the UK.
The London-based self-storage provider said its total secured pipeline of 10 new stores will result in the firm operating 52 stores when fully developed. This will increase its owned-store trading space by 38%.
Lok'n Store added that trading continues to be "buoyant", with second-half store revenues expected to be up 11% year-on-year. The company's financial year ends on July 31.
Most recently, Lok'n Store opened a new 'landmark' freehold store in Peterborough. The project had a total cost of GBP7.5 million. Lok'n Store expects both the Peterborough and Bedford stores to be net asset value accretive at first-time evaluation.
Further, it has received an indicative intention to formally grant planning permission under delegated powers in Barking, east London. This would be the biggest freehold landmark store to date.
"Our secured pipeline of 10 stores will add considerable momentum to earnings growth in the coming years. Lok'nStore is well positioned to build and open more new stores in the under-supplied UK self-storage market," said Chair Andrew Jacobs.
Lok'n Store shares were trading 3.0% higher at 830.00 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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