19th Oct 2015 07:04
LONDON (Alliance News) - Self-storage provider Lok'nStore Group PLC on Monday posted a big rise in its pretax profit for the year to the end of July, helped by impairments booked a year earlier not repeating, as revenue increased and its unit pricing and margins both rose.
The company said its pretax profit for the year to the end of July was GBP2.7 million, a big increase on the GBP367,000 it made a year earlier when it took a GBP1.6 million impairment charge on a development land asset. Stripping out one-offs, pretax profit rose to GBP2.7 million from GBP2.0 million.
The profit was helped higher by an improvement in its gross margin, as its cost of sales remained broadly the same but revenue rose to GBP15.4 million from GBP13.9 million. Earnings before interest, taxation, depreciation and amortisation per store rose 19% in the year, with EBITDA margins on its stores improving to 53.7% from 50.7% a year earlier.
Unit pricing increased 4.2% in the year and Lok'nStore's occupancy level increased, while ancillary sales also increased by 6.3%.
It will pay a full-year dividend of 8.0 pence per share, up from 7.0 pence a year earlier, including a final dividend of 5.67 pence.
"Trading this year has been strong with turnover, profits and assets increasing rapidly," said Chief Executive Andrew Jacobs.
By Sam Unsted; [email protected]; @SamUAtAlliance
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