Safestore enjoys further revenue growth
Safestore, which has sites at Quarry Bank, Oldbury, Wednesbury and Birmingham, has revealed a rise in revenue in its latest trading update.
Reporting its third quarter trading for the period of May 1 to July 31, the self-storage group announced group revenue is £56.5m, up from £54.7m in the third quarter of 2022, while revenue for the year to date is up at £166.6m.
Frederic Vecchioli, Chief Executive Officer, said: "After very strong comparative quarters in the last two years, I am pleased to report that the group has delivered further like-for-like revenue growth.
"Whilst we have seen some softness in the UK's business customer segment, reflective of a weaker macroeconomic environment, trading with our domestic customers and the remainder of the business has been robust."
He added that Safestore had opened a further two new stores in Spain and added five new stores or extensions in the UK, Paris and Spain to its pipeline.
"Our strong and flexible balance sheet has significant funding capacity, allowing us to continue to consider and execute strategic investments as and when they arise," he said.
