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LONDON (Alliance News) - Self-storage company Lok'nStore Group PLC on Wednesday reported strong trading in the first half of its financial year, with its self-storage revenue rising and document storage business improving.
The company said trading in the first half to the end of January "remained brisk". First-half revenue in its core self-storage business was up 16% year-on-year, with its self-storage unit occupancy rate up 5.5% year-on-year at the end of January. Its average price per square foot let for the half was up 6.7% year-on-year.
The group also said its document storage business is showing signs of improvement, with the number of boxes stored rising 31% in the first half. It said it will take time for the improvement to translate into stronger revenue and profit, owing to the shift in its marketing strategy for the business, but said the volume growth is encouraging.
The company will publish its first-half results on April 27.
"Strong growth of the existing business, good asset management and Lok'nStore's conservative debt ratios means that this major expansion can be financed out of cash flow and our existing bank facility, and this will enable us to continue to deliver enhanced returns for our shareholders," said Chief Executive Officer Andrew Jacobs.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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