(Alliance News) - Safestore Holdings PLC on Tuesday reported improved performance in the first quarter of its current financial year and said it is confident going forward.
The Hertfordshire, England-based self-storage provider said revenue in the three months to the end of January increased by 11% year-on-year to GBP44.4 million. On a constant currency basis, revenue grew by 9.8%.
Total revenue growth reflected the like-for-like growth as well as the 2020 store openings in Carshalton, Gateshead and Sheffield, and the annualisation of the acquisitions of the company's St John's Wood and Chelsea stores.
The company added that its new store at Birmingham-Middleway is expected to open in the first half of 2021.
Safestore reported occupancy of 5.5 million square fit let at the end of the first quarter, up 11% year-on-year. Average storage rate increased by 1.5% to GBP26.47.
"I am pleased to report that the strong performance of the final quarter of our 2020 financial year has continued throughout the first quarter of 2021 driven by an excellent UK result, complemented by solid performances from Paris and Spain. In addition, our joint venture with Carlyle, operating in Belgium and the Netherlands, is performing in line with its business plan," said Chief Executive Frederic Vecchioli.
"The first quarter's trading performance has provided us with a strong base for the rest of the financial year and, if the current momentum continues, we would anticipate that the business delivers adjusted diluted EPRA earnings per share for 2020/21 towards the top of the range of analysts' forecasts," added Vecchioli.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Safestore (SAFE)