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(Alliance News) - Safestore Holding PLC on Monday lifted earnings guidance as it reported an increase in quarterly sales and a growing property pipeline.
Revenue in the financial second quarter ended April 30 was up 11% year-on-year to GBP43.7 million from GBP39.4 million, the company said in a trading update. Adjusted diluted earnings per share for the year ending October 31 is now expected to be between 37 pence and 38p. The company had previously said it would be at the top end of analysts' forecast range of 31.2p to 34.6p.
Shares were up 3.9% to 904.00p in London.
The self-storage space provider said strong trading momentum in the first quarter - when sales increased 9.8% year-on-year on a constant currency basis - accelerated in the second. Safestore's pipeline of new stores and extensions will add 280,000 square feet to its portfolio.
The Hertfordshire-based company also issued GBP150 million of bonds in a US private placing and agreed an GBP80 million shelf debt facility to fund acquisitions.
"We continue to focus on the significant upside from filling the 1.3m square feet of fully invested currently unlet space in our UK, Paris and Spain markets," Chief Executive Frederic Vecchioli said. "Whilst the potential for disruption arising from current Covid-19 crisis has not entirely abated, the inherent resilience of our business model as well as our recent and current trading allows me to look forward with optimism.
By Ivan Edwards; ivanedwards@alliancenews.com
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