20th Feb 2024 09:50
(Alliance News) - Lok'n Store Group PLC on Tuesday celebrated "significant" progress on its new store pipeline, after openings in Basildon and Kettering.
For the six months to January 31, the London-headquartered self storage provider said self-storage revenue was up 4.9% from a year prior.
Meanwhile, occupied unit space was down 2.9% to 862,554 square foot, offset by price per square foot of occupied space, up 4.0% from last year.
During the period, Lok'n Store Group opened new Landmark stores in Basildon and Ketting, the first of which had a total project cost of GBP3.8 million and was the firm's first ever purpose-built leasehold store.
New stores in Staines and Bromborough are due to open later this year, while Lok'n Store has now received formal planning permission for its new store in Barking.
Further, in December, the company entered five-year interest rate swaps on GBP10.0 million of its floating rate debt. The two separate swaps of GBP5.0 million each were executed at a Sonia swap rate of 3.5%.
"We continue to deliver on our strategy of opening more new stores in the under supplied self-storage market. We have made significant progress on our new store pipeline with the Basildon store opening in December 2023, the Kettering managed store in February 2024 and two more stores due to open in 2024 in Staines and Bromborough. These new stores are anticipated to add further momentum to sales, earnings and net asset growth," said Chair Andrew Jacobs.
Lok'n Store Group shares were trading 1.4% lower at 797.60 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
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