Last checked at 3 Aug 2009 07:00
Lok'nStore Group plc (Loknstore)
Pre-close Trading Update
Lok'nStore is pleased to announce that trading in the second half of the financial year to 31 July has been robust, recovering strongly from the challenging economic conditions prevailing in the first half of the year.
In each of the last six months occupancy has seen a month on month increase, recovering earlier falls, and is now up 2% year-on-year. Average revenue per square ft, which was softer in the winter, is also rising again.
The Group has a strong asset backed balance sheet. Net debt of £25 million is well supported by a banking facility of £40 million which runs until 2012.
Results for the year ended 31 July 2009 will be announced on 9th November 2009.
Ends
Enquiries
Lok'nStore - 01252 521010
Andrew Jacobs, Chief Executive
Ray Davies, Finance Director
Investec - 020 7597 4000
David Currie
Rowena Murray
Financial Dynamics - 020 7831 3113
Billy Clegg
Edward Westropp
Alex Beagley