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Safestore reports moderate final quarter growth; reiterates guidance

28th Nov 2023 09:44

(Alliance News) - Safestore Holdings PLC on Tuesday restated its full-year earnings per share guidance and said its fourth quarter revenues grew modestly.

The Hertfordshire, England-based self-storage provider said revenue in the fourth quarter of the year ended October 31 edged up 1.4% to GBP57.6 million from GBP56.8 million the year before. Like-for-like revenue at constant exchange rates was down 0.4% to GBP53.7 million from GBP53.9 million in the corresponding three-months a year ago.

Safestore said LFL revenue for its UK division was "stable" throughout the quarter, but finished 1.2% below the previous year, in light of lower demand. In Paris, Safestore said demand "continued to grow steadily", with LFL revenue growth up 3.2%.

As for Spain, although LFL revenue was flat throughout not only the quarter, but also the year, Safestore said it contributed to a 44% increase in total revenue.

Safestore also noted the addition of two new pipeline sites in the quarter, which it said increased the pipeline by 100,000 square feet.

Looking ahead, Safestore reiterated that it expects to deliver adjusted diluted EPRA EPS in line with market consensus of 48.0 pence for financial 2023. A year ago, adjusted diluted EPRA EPS was 47.5p.

Adjusted diluted EPRA EPS is based on the European Public Real Estate Association's definition of earnings and is defined as profit or loss for the period after tax.

Commenting on the results, Chief Executive Officer Frederic Vecchioli said financial 2023 has been a "resilient year in which significant strategic and operational progress has been made."

"We believe that the Covid period has acted as an accelerator of growth for the self-storage industry. Whilst demand stabilised during the year at a level that is below 2022, we are still seeing enquiry levels that are ahead of the pre-Covid period," he added.

Shares in Safestore fell 2.6% to GBP756.00 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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