Revenue up 31.1pc for Lok'nStore
Self storage group Lok'nStore saw revenue rise 31.1 per cent to £13.38 million in the six months to the end of January.
Lok'nStore has since opened a new store at Pantheon Park, Wednesfield Way, Wolverhampton in March.
The group, which also includes a site at Oldbury, achieved adjusted earnings before tax of £8.12m – up 46.5 per cent on £5.5m a year earlier.
It has announced an interim dividend 5p per share up 15.5 per cent – the 11th consecutive year of increase.
Lok'nStore has a pipeline of 12 new stores with new stores currently on site adding an extra 16.8 per cent of new trading space by July 2023.
Executive chairman Andrew Jacobs said trading in the six months had been excellent.
"Our new Warrington Store opened in January, our new store in Wolverhampton opened in March and Stevenage opens in the final week of April. We are on site at three further stores all of which will open within the next 15 months. At January 31 our current fully funded secured pipeline of 12 new stores increases lettable owned space by 35.5%. We are seeing many more exciting new store opportunities.
"Continuing this exciting period of growth, our objective is to build more landmark stores in an under-supplied market, remaining conservatively geared delivering sustainable growth and consistently increasing dividends.
"The board is confident the group will continue to thrive under its highly experienced management team and we look to the future with confidence."
