Half year revenue up 10.3pc for Lok'nStore
Revenue was up 10.3 per cent for Lok'nStore, the growing self-storage company for the six months to the end of January.
Lok'nStore, which has sites in Oldbury and Wolverhampton, saw occupied unit space increase 2.6 per cent.
The company has a significant development of new stores in the pipeline with continued strong demand and good occupancy levels giving it pricing momentum going forward.
Significant development of new store pipeline to drive growth
Building and fit out work is continuing at store developments in Bedford, Peterborough, Staines and Basildon, all of which will be open this year. Kettering is also on site for a managed store client and due to open in early 2024.
Interim results for the half year to the end of January will be announced on April 24.
Chairman Andrew Jacobs said trading in the first half of 2022-2023 had been buoyant.
"Move- ins in the period were 13.5 per cent ahead of the same period last year and demonstrates the continued strong consumer demand for self-storage.
"When fully developed our current new store pipeline will add 48.8 per cent to our owned trading space. As we open new stores and build their occupancy, so their value increases significantly. The cash flow from these stores can then fund future growth and an increasing dividend to our shareholders."
