(Alliance News) - Safestore Holdings PLC on Wednesday said annual earnings will top guidance as the self-storage space provider posted a strong conclusion to its financial year.
In the fourth quarter ended October 31, revenue was 19% higher year-on-year at GBP51.1 million from GBP42.8 million. Full-year revenue amounted to GBP186.8 million, up 15% from GBP162.3 million, Safestore said.
"I am pleased to report a strong final quarter to conclude what was an exceptional and record result for the year," Chief Executive Officer Frederic Vecchioli said.
"Our property pipeline continues to grow and we now have 800,000 square feet planned to open over the coming years in the UK, Paris and Spain, representing growth of 11% in the size of our estate. In November 2021, we added a further freehold London site to our pipeline in the Old Kent Road area. Our pipeline will be financed by our free cashflow and existing debt facilities and we anticipate further additions over the coming months."
Safestore expects its annual performance to be above prior guidance range of adjusted diluted EPRA earnings per share between 39.5 pence and 40p.
Adjusted diluted EPRA EPS amounted to 30.2p in financial 2020.
Shares in the company were 1.3% higher at 1,277.86 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Safestore (SAFE)