18th Jun 2015 08:09
LONDON (Alliance News) - Safestore Holdings PLC Thursday reported growth in profit in the first half of its financial year as sales grew in both its UK and French businesses and it said it will deliver full-year results in line with its expectations.
The self-storage company reported growth in pretax profit in the six months ended April 30 to GBP62.2 million from GBP6.9 million in the same period the year before, as revenue rose 7.5% to GBP50.4 million from GBP46.9 million. UK like-for-like revenue grew 13.4% while like-for-like sales in Paris rose 5.9% on a constant currency basis.
"The key initiatives taken over the last 18 months to enhance operational performance are now reflected in sustained and improved trading. Growing enquiries, stronger conversion and improved pricing has driven double digit like-for-like growth in the UK, while our strongly positioned Parisian business has delivered a robust performance and its seventeenth year of consecutive growth, reflecting its market leading position," Chief Executive Frederic Vecchioli said in a statement.
Safestore will pay an interim dividend of 3 pence, up 39.5% from the 2.15p paid the year before.
"Although it is still early in the second half of the financial year, I am confident that the progress we have made to date will be reflected in the financial results for the full year and that we will deliver cash tax adjusted earnings per share in line with board expectations," Vecchioli said.
Shares in Safestore were trading up 0.9% at 279.75 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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