Annual revenue jumps for Safestore
Self storage group Safestore, which has sites in Oldbury, Quarry Bank and Wednesbury, enjoyed a 13.8 per cent jump in revenue in the year to the end of October to £212.5 million.
Underlying earnings before tax rose 14.5 per cent to £135.1m.
There were new store openings in London Bow, Barcelona and Nijmegen in the Netherlands and five store extensions
Chief executive Frederic Vecchioli said it had been another excellent year in which Safestore delivered significant strategic progress.
"The strong trading performance for the year is especially pleasing as it follows a record year in 2021. Our 2022 result was achieved through strong revenue growth in the UK market, good performances in our Parisian and Spanish businesses, and seven months' contribution from our Benelux business, which was acquired in March 2022.
"Early trading in the new financial year shows broadly stable levels of demand compared to last year (but significantly ahead of pre-pandemic levels) with rates paid by new customers continuing to grow."
Over the last seven years, the group has developed or acquired 68 stores and expanded into four new countries.
It has a development pipeline of 29 new stores, extensions, and projects.
