14th Nov 2019 09:02
(Alliance News) - Safestore Holdings PLC on Thursday expressed confidence for future after reporting "solid" final quarter and "strong" full-year trading.
The FTSE 250-listed self-storage provider said its revenue in the three months to the end of October grew by 5.7% to GBP40.5 million from GBP38.3 million a year prior, taking the annual revenue to GBP151.8 million, up 5.5% year-on-year.
This includes the newly acquired Heathrow store, the company noted, management revenue from Dutch joint venture business and the annualisation of 2018 new store openings in Mitcham and Marble Arch, partly offset by 2018 closures in Deptford, Merton, Leeds and Paddington.
On a like-for-like basis, revenue in the final quarter climbed by 3.7%, while revenue for the full year was 4.8% higher.
The UK's fourth quarter performance was "solid", Safestore said, with the business growing total revenue by 5.9% and like-for-like revenue by 3.8%. Performance was particularly strong in regional UK stores whilst growth in London and the South East was slower.
"The company is in a very strong position and, as ever, our top priority remains the significant organic growth opportunity represented by the 1.5 million square feet of currently unlet space in our existing fully invested estate," said Chief Executive Frederic Vecchioli.
"Our leading market positions in the UK and Paris combined with our resilient business model enable us to look forward to the future with confidence," added Vecchioli.
Safestore said it will report its annual results on January 7.
The stock was trading 0.6% higher in London on Thursday at 729.50 pence a share.
By Evelina Grecenko; [email protected]
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