12th Nov 2015 08:38
LONDON (Alliance News) - Self-storage space provider Safestore Holdings PLC on Thursday said its like-for-like revenue improved in the fourth quarter and has increased for the full year, accompanying stronger trading in the group's other key metrics.
Safestore, which recently joined the FTSE 250, said its like-for-like revenue in the quarter to the end of September, its financial fourth quarter, rose 8.3% to GBP27.5 million, up from GBP25.4 million a year earlier. Total revenue for the quarter rose 6.1% to GBP27.7 million from GBP26.1 million.
For the year to the end of September, like-for-like revenue rose 8.9% to GBP103.0 million, while total revenue was up 7.0% to GBP104.8 million.
In addition, the group's closing occupancy at the end of the fourth quarter was 72.6%, up from 68.8% at the end of its 2014 financial year. Its average storage price rate increased 2.0% in the fourth quarter and was up 2.4% for the full year.
"As we enter the new financial year, we remain focused on the significant opportunity represented by our 1.4m square feet of currently unlet space. In addition, we have the balance sheet capacity and flexibility to take advantage of carefully selected development and acquisition opportunities and look forward to the opening of two new freehold stores in London, in Chiswick and Wandsworth, and a freehold flagship store in Birmingham," said Chief Executive Frederic Vecchioli.
Safestore shares were up 0.9% to 329.9 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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