(Alliance News) - Safestore Holdings PLC on Tuesday upgraded its full-year earnings guidance as it reported a rise in third-quarter revenues.
The FTSE 250-listed company said it now expects to report adjusted diluted earnings per share between 39.5 pence and 40p in financial 2021.
Safestore previously guided adjusted diluted earnings of at least 38p per share for its full year.
In the three months ended July 31, revenue reached GBP47.6 million, up 18% from GBP40.2 million a year earlier.
Total revenue in the third quarter remained 24% higher than the GBP38.2 million from two years earlier, before the pandemic.
In the UK, Safestore's revenue grew 25% year-on-year to GBP36.9 million from GBP29.6 million.
Meanwhile, its smaller business in Paris and Spain saw moderate increases in revenue. In Paris, total revenue rose 5.6% to EUR11.7 million in the third quarter, from EUR11.0 million the previous year.
The company said its Spanish business - acquired in December 2019 - was not included in like-for-like comparisons, but did see revenue rise 8.3% to EUR800,000 in the third quarter.
Closing occupancy reached 6.0 million square feet by July 31, up 16% year-on-year from 5.2 million.
The percentage of occupied storage rates reached 86% at the period end, up from 76% a year earlier.
Chief Executive Frederic Vecchioli said he was: "Pleased to report that the strong trading momentum in the first half of the year has continued in the third quarter."
"Safestore's unique business model, which combines advanced digital marketing and pricing analytics, a well-located portfolio with extensive pipeline, and a focus on store team sales skills, has once again delivered market leading results," Vecchioli noted.
The company said its property pipeline now includes 702,000 square feet of market rent located across London, the south east of England, Paris, Barcelona and Madrid.
Safestore said it expects to self-finance its pipeline, at a cost of around GBP100 million over the next four years.
Shares in Safestore Holdings were trading up 0.3% at 1,182.00p each in London on Tuesday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Safestore (SAFE)