Strong revenue growth for Lok'nStore
Self-storage group Lok'nStore enjoyed revenue growth in the six months to the end of January.
The group, which has stores at Oldbury and Wolverhampton, was up 1.5 per cent to £13.58 million.
Earnings before tax were down 2.3 per cent to £7.93m.
Lok'nStore sold four stores on January 31 last year adding about £37 million to cash, reinforcing its strong balance sheet.
Its new Bedford store opened in February and early trading has been excellent. The Peterborough store is opening in the second half of the year and a further three store openings are planned for the 2023-2024 financial year.
Chairman Andrew Jacobs said: "Lok'nStore is reporting excellent results with same-store sales rising 11.2 per cent."
Same-store sales strips out new store openings from results.
He said that this was against the background of a more challenging business environment with increased costs of energy, local rates and interest.
"After the sale-and-manage back of four stores on January 31, 2022 for £37.9 million we are focused on same store growth. This transaction puts the company in a strong financial position," he added.
Same-store revenue was up 11.4 per cent for February and March compared to the same period last year
