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Lok'n Store plans expansion after achieving higher revenue and prices

14th Aug 2023 10:07

(Alliance News) - Lok'n Store Group PLC on Monday hailed strong demand in its recent financial year and outlined planned expansions.

The London-headquartered self storage provider said same-store self-storage revenue rose 12% in the 12 months that ended on July 31, boosted by 6.8% in price hikes that were "driven by continued strong demand".

Lok'n Store said total self-storage revenue climbed 5.3%, amid a 9.7% increase in owned lettable space in the financial year.

Looking ahead, the company said it will open three new Landmark stores in financial 2024, which started on August 1, compared to the opening of two new Landmark stores in financial 2023. This had taken total stores to 42.

Lok'n Store added that remaining capital expenditure for the three new planned Landmark stores was GBP13.7 million as at January 31, as it plans to add about 162,100 square feet of trading space.

The company will release its annual results for financial year ended July 31 on October 30.

Lok'n Store shares rose 1.1% to 740.00 pence each on Monday morning in London.

By Tom Budszus, Alliance News reporter

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