Turnover and profits rise for growing Lok'nStore
Self storage group Lok'nStore saw turnover and profits grow in the six months to the end of January.
The group, which has a site at Churchbridge, Oldbury, saw revenue rise 13.9 per cent to £10.21 million with earnings before tax rising 17.3 per cent to £5.5m.
Lok'nStore is currently building four new stores including one of 52,600 sq ft at Pantheon park, Wolverhampton, which is expected to be open in the first quarter of next year.
The group said unprecedented growth in occupied space was driving the strong trading performance.
Occupied space is up 24.7 per cent since January 2020 and its store pipeline of 13 sites will add 38 per cent of new space over coming years.
Executive chairman Andrew Jacobs said: "We continue to build our pipeline of prominent landmark storage centres tapping in to deep latent demand for storage in the UK and our store team members have worked tirelessly to provide great service to our customers. As a result, we have achieved an unprecedented growth in occupied space of 24.7 per cent in the period and this has driven strong growth of revenue and profits.
"We have added to our new store pipeline which increases operating space by 38 per cent to over 2.5 million sq ft over the coming years. We opened our new Leicester store in August and our new Salford store after the period end. Construction is underway at our sites in Warrington, Stevenage and Wolverhampton. Continuing this exciting period of growth, our objective is to build more landmark stores in an under-supplied market while remaining conservatively geared delivering sustainable growth and consistently increasing dividends."
