15 Sep 2010 07:00
15 September 2010
Lok'nStore Group plc
("Lok'nStore" or the "Company")
Notification of results
Lok'nStore Group plc, the AIM listed self-storage company, will be announcing preliminary results for the year ended 31 July 2010 on Monday 18th October 2010, not on Monday 8th November 2010, as was previously disclosed.
- Ends -
Enquiries
| Lok'nStore Group plc | 01252 521010 |
| Andrew Jacobs, Chief Executive Ray Davies, Finance Director
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| Arbuthnot | 020 7012 2000 |
| Nick Tulloch Ben Wells
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| Financial Dynamics | 020 7831 3113 |
| Billy Clegg Edward Westropp |
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Notes to Editors
Lok'nStore runs a high quality portfolio of 22 self-storage centres across the South East of England. All stores carry the distinctive bright orange and silver livery and are located in prominent locations adjacent to main roads and town centres. Total space available is 1.2 million sq ft, of which 64% is freehold and 36% leasehold. Lok'nStore has a pipeline of 2 new sites and 2 replacement sites, all of which have planning permissions.
As at 31st January 2010, adjusted net asset value was £2.10 per share with a loan-to-value ratio of 30.9% on £25m of net debt. Lok'nStore has a £40m facility with RBS which runs until 2012.
The UK self-storage market remains under-supplied with only 0.4 sq ft per person versus around 7 sq ft per person in the more mature US market. The UK market has been growing at 10-15% per annum for the last 10 years. (Source: The Self-Storage Association).
Lok N Store (LOK)