(Alliance News) - Lok'n Store Group PLC on Monday said trading in the six months to January 31, the company's financial first half, was strong.
The Hampshire, England-based self-storage company said that self-storage revenue was up 34% on the previous year, driven by significant improvements in both occupancy and pricing. Price per square foot of occupied space was up 19%, and unit occupancy was up 6% over 12 months.
Lok'n Store added that its fully funded new-store pipeline of twelve stores is progressing well with its store in Warrington now open. The company said it is also on site at a further five stores, two of which will be open in the coming months.
This pipeline of new stores, the company explained, has increased its owned trading space by 49% and is expected to add considerable momentum to sales and earnings growth over the medium term.
Executive Chair Andrew Jacobs said: "This is a busy and exciting time for Lok'n Store. Our pipeline of new stores, increasing lettable space by 49%, will enable Lok'n Store to increase the rate of dividend growth for shareholders going forward."
The company said it will announce its interim results on April 25.
Shares in Lok'n Store were up 1.7% at 1,030.00 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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