Lok'nStore posts record financial results

(ShareCast News) - Lok'nStore Group has had a record year, boosted by growth from a number of new stores.The AIM listed self-storage company posted its full year results to 31 July.Revenue was up nearly 11% to £15.42m, while adjusted EBITDA was up 23.1% to £5.68m.That contributed to a pre-tax profit of £2.65m, up 34.6% from £1.97m last year.Its self-storage business is also performing strongly with store EBITDA up 18.6% to £7.19m, boosted by an increase in unit pricing.The company attributed its strong results overall to growth from new stores opened throughout the year, and highlighted more new stores to come.Chief executive Andrew Jacobs said the company's new store development programme continues to change the balance of its store portfolio."New and purpose built stores will account for around 59% of the portfolio once this is completed."We opened new stores in Reading in October 2014 and Aldershot in May 2015," he noted, and said both stories are trading well."The strong growth of the business and Lok'nStore's low level of debt means that this rapid development programme can be financed from cash flow and existing bank facilities, while progressively increasing the dividend."The company plans to pay an annual dividend of 8p per share.Shares in Lok'nStore Group were up 7.5p to 304p at 1245 BST.