(Alliance News) - Lok'n Store Group PLC on Monday reported "excellent" revenue and pricing growth on the back of sustained strong demand.
The London-based self-storage company said self-storage revenue in the year ended July 31 was up 17% against the previous year. Same-store self-storage was up even more, with a 25% increase. Lok'n Store explained that four stores sold back in January had contributed GBP1.5 million in revenue to the year-earlier period.
Pricing increased 13% year-on-year. The company said this was driven by continued demand and good occupancy levels. This stood at 80% at the end of the year, down from 86% a year prior as the firm added more space in its new stores.
Lok'n Store said its new stores added 44% to its owned trading space in the year and said four more store would open in 2023.
Chair Andrew Jacobs said: "We have made significant progress on our new store pipeline, whilst remaining conservatively geared, including adding a new landmark store site in Bolton, Greater Manchester, in recent weeks. We are on site at four new stores, all of which will open in 2023, accelerating our earnings growth in the future."
Shares in Lok'n Store were up 0.3% at 1,033.00 pence on Monday morning in London.
The company will publish its full-year results on October 31.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Lok N Store (LOK)
