Lok N Store Regulatory News (LOK)

Lok'nStore Group plc ("Lok'nStore" or "the Company")

Pre-close trading update

"Record growth"

Lok'nStore, the fast growing self-storage Company, is pleased to provide the following update on trading for its financial year to July 31 2015.

Building on a strong first half of FY2015, revenue in our core self-storage business was up 12% for the year in line with expectations. On 31 July Self-storage occupancy increased 0.6% and price per let square foot increased 4.1% over July 2014.  

Our document storage business' operating metrics are rapidly improving in response to the Company's more customer facing marketing stance with the number of boxes stored increasing by 36% over the year.

Last week Lok'nStore announced that it had received a further £2 million payment for the sale of its old Reading store for which it had already received £2.9m in November 2014. These funds will be recycled into the new store development programme.

Full year results will be announced on 19 October 2015. 

Andrew Jacobs, CEO of Lok'nStore said:

"We have built on the strong growth of last year with a great performance in financial year 2015 delivering a 12% growth in revenue in our core self-storage business.

"As well as increasing revenue and profits, we continue to invest in the future growth of the business. We opened our new store in Reading last October having received £2.9 million for the old store. We have now received a further £2 million for a final consideration of £4.9 million giving us a surplus to help finance other new stores. In April 2015 we opened the new purpose-built store in Aldershot. Trading at the new Reading, Maidenhead and Aldershot stores has been excellent underpinning our confidence that further new stores in Southampton, Bristol and Chichester opening over the coming twelve months will add further impetus to sales and earnings growth."

-Ends-

Enquiries: 

This information is provided by RNS

The company news service from the London Stock Exchange