Annual sales rise but profits fall for Lok'nStore
Revenue was up 0.9 per cent to £27.1 million for self-storage group Lok'nStore in the year to the end of July.
Adjusted earnings before tax fell 7.9 per cent to £15.1m,
The group has stores across the UK including at Wolverhampton and Oldbury.
Chairman Andrew Jacobs said demand for UK self-storage assets remains strong.
The group is proposing a 10.1 per cent increase in the annual dividend to 19p per share, the 12th year of increased dividends in a row.
Mr Jacobs added: "Trading since the year-end continues to be in line with expectations. We have opened two new landmark stores and are on site at three more which will open within the next 12 months which can be completed using cash. These new stores will add further momentum to sales, earnings and net asset growth."
Lok'nStore sold four stores on a sale and manage-back arrangement in January 2022 adding circa £37 million to cash, reinforcing its strong financial footing.
