Lok'nStore encouraged by H1 trading

Self storage firm Lok'nStore said trading during the first half was encouraging, particularly during the seasonally quieter winter quarter.Occupancy was down 0.5% since 31 July 2009 while occupancy to 31 January 2010 grew by 10.2% year to year. Average prices per sq ft for self-storage rose by 2.8% since July 31 2009, against last year's 0.1% increase over the comparable period. The group added the benefits of last year's cost cutting are continuing to feed through."Lok'nStore's business remains robust; and is characterised by strong cash flows and healthy operating margins, supported by substantial property assets. The company is well positioned to take advantage of opportunities in 2010," Lok'nStore said in its update ahead of its interim results in April.