LONDON (Alliance News) - Lok'nStore Group PLC Tuesday reported a rise in revenue in its recently-ended financial year, as it continues expanding the business by opening new stores which it said will add further impetus to sales and earnings growth.
The self-storage company said that revenue in its core business grew 12% in the year ended July 31, as occupancy increased 0.6% and price per let square foot increased 4.1% over a year earlier.
It added that its document storage business' operating metrics are "rapidly improving" in response to the company's more customer-facing marketing stance, with the number of boxes stored increasing by 36% over the year.
"As well as increasing revenue and profits, we continue to invest in the future growth of the business. We opened our new store in Reading last October having received GBP2.9 million for the old store. We have now received a further GBP2 million for a final consideration of GBP4.9 million giving us a surplus to help finance other new stores. In April 2015 we opened the new purpose-built store in Aldershot," Chief Executive Andrew Jacobs said in a statement.
"Trading at the new Reading, Maidenhead and Aldershot stores has been excellent underpinning our confidence that further new stores in Southampton, Bristol and Chichester opening over the coming twelve months will add further impetus to sales and earnings growth," Jacobs added.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Lok N Store (LOK)
