Lok'n Store lifts revenue, hikes dividend

Self-storage firm Lok'n Store booked a slight increase in full year revenue and underlined its confidence in future trading with a 20 per cent increase in its dividend payment. Net asset value per share for the year ended July 31st increased 8.8% to £2.48 while revenue climbed 1.6% to £12.97m. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4.1% to £4.14m.Operating profit and profit before interest was up 32.4% to £2.57m while net debt was reduced 12.4% to £22.5m. Chief Executive Officer Andrew Jacobs said: "Lok'nStore is trading well with increased occupancy driving cash flow per share and growth in net asset value. The group has delivered record margins, operating profits and cash flow and we expect this momentum to continue." "Revenue and occupancy growth from our existing stores, combined with the opening of the new Crawley, Maidenhead and Aldershot stores will take us to 25 trading stores and backed by a strong balance sheet will underpin the continued growth of the business."The board has recommended a dividend of 6p per share, up 20% from last time.CJ