2nd Apr 2020 11:22
(Alliance News) - Safestore Holdings PLC said Thursday that its stores in the UK, Paris and Barcelona remain open despite restrictions placed by several national governments in response to the Covid-19 outbreak.
Despite the staffing and opening hours of the stores being reduced, the self-storage group said that access to its stores is largely automated, and have low footfall in general.
Particularly in the UK, the stores remain open as they provide support to companies engaged in key supply chains, including healthcare, food supplier and infrastructure support.
In addition, Safestore confirmed that it will pay its final dividend of 12.0 pence per share on Thursday next week.
However, the group said it has paused building works related to the scheduled store openings in Sheffield and Paris Magenta have been paused as a result of the pandemic.
The Sheffield store was scheduled to open in April, and Paris Magenta in December 2020.
Finally, due to volatility in the exchange rate between the pound and the euro, Safestore has taken out average rate forex contracts to hedge most of the group's exposure to the translation of euro-denominated earnings for the next three years.
For the second half of the year ending October 31, the contracts have a value of EUR6.5 million, EUR14.5 million for the 2021 financial year, EUR16 million for 2022, and EUR8.5 million for the first half of the 2023 financial year.
These contracts will fix the rate at which the majority of euro earnings are translated at a rate of EUR1.0751 to GBP1.
Shares in Safestore were up 4.0% at 629.0 pence on Thursday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Safestore