Half year growth for Safestore
Self storage group Safestore enjoyed growth in revenue but pre-tax profits were down in the first six months of its financial year.
The group, which has 131 stores, including at Oldbury, Quarry Bank and Wednesbury, said revenue rose nine per cent from £101 million to £110m in the half year to the end of April.
The profit figure fell 63.7 per cent from £285.2m a year earlier to £103.4m.
It robust trading performance was offset by the lower gain on investment properties of £47.3m from £223.9m a year before.
In the UK like-for-like revenue was up 2.7 per cent.
During the half year 222,000 sq ft of new capacity was added across five stores in Madrid, Barcelona, London, and Wigan in addition to a store extension completion in London-Crayford of 9,000 sq ft.
The group development and extension pipeline is of 30 stores and 1.5m sq ft.
Frederic Vecchioli, Safestore's chief executive, said it had been a solid performance.
"The performance is all the more pleasing as it builds on two record financial years. We are confident that our focus on balancing occupancy and rate to drive revenue per available foot, which has grown by 19.4 per cent over the last three years, will continue to serve us well and drive shareholder value.
"Over the last six months the Group has opened or extended six new stores, added a further five new developments or extensions to the pipeline, extended the leases on three stores, acquired the freeholds of two stores, acquired an existing store in the Netherlands and entered the German market through a new joint venture with Carlyle," he added,
Over the last seven years, the group ha developed or acquired 72 stores and expanded into four new countries.
