(Alliance News) - Safestore Holdings PLC on Tuesday reported a strong start to its financial year in the quarter that ended January 31.
Safestore is a Hertfordshire, England-based self-storage provider.
Revenue rose 9.4% to GBP55.7 million from GBP50.9 million a year prior, as the average storage rate increased 2.9% to GBP30.42 from GBP29.55.
The company's closing occupancy let rose 6.8% to 6.1 million square feet from 5.7 million square feet, with the maximum lettable area growing 11% to 7.9 million square feet from 7.1 million square feet. The closing occupancy in the first quarter of 2023 was 78%, down from 81% a year ago.
Safestore added that it opened two new stores in Spain during the period, and bought an existing operation in the Netherlands. Further, it added two stores in the UK to its pipeline.
It now expects to deliver adjusted diluted EPRA earnings per share for financial 2023 in line with analysts' forecasts, with consensus cited as 49.5 pence, within a range of 45.3p to 54.0p. This would be up 4.2% from 47.5p in financial 2022.
"The business has demonstrated its inherent resilience in recent times and we look to the future with confidence," the company said.
"The first quarter's trading performance has provided us with a solid base for the rest of the financial year," said Chief Executive Officer Frederic Vecchioli.
Safestore shares were 1.4% lower at 1,045.00 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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Safestore (SAFE)