18th Nov 2020 09:51
(Alliance News) - Safestore Holdings PLC on Wednesday said it is in a "very strong" position as it enjoys increased occupancy levels in the fourth quarter with room for growth.
The Borehamwood, England-based self-storage company said revenue in the fourth quarter ended October 31 was up 5.7% to GBP42.8 million from GBP40.5 million a year prior. Like-for-like revenue was up 2.3% year-on-year to GBP40.9 million from GBP40.0 million.
Closing occupancy was improved to 80% from 77% a year before, up to 5.5 million square feet from 5.0 million square feet. Like-for-like closing occupancy was up to 81% from 78% a year prior.
Average storage rates were up 0.5% to GBP26.21 from GBP26.09 a year prior.
Chief Executive Frederic Vecchioli said: "Despite the pandemic, the company continues to be in a very strong position. Notwithstanding the recent strong occupancy performance, the business still has 1.4 million square feet of currently unlet space in our existing fully invested estate, representing a significant organic growth opportunity in what remains a fragmented market. Our leading market positions in the UK and Paris, combined with our balance sheet strength and resilient business model, leave us well positioned for the future."
Safestore said Covid-19 continues to present uncertainties, but the company believes it is on track to meet its full-year expectations.
Safestore shares were up 0.6% at 819.00 pence each in London.
By Greg Roxburgh; [email protected]
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