10th Sep 2020 10:53
(Alliance News) - Safestore Holdings PLC on Thursday said its revenue increased slightly in the third quarter of its current financial year following an easing of lockdown restrictions.
The provider of self-storage said revenue in the three months to the end of July grew by 5.2% to GBP40.2 million from GBP38.2 million reported a year ago. On a constant currency basis revenue increased by 5.0%.
Average storage rate was also higher, at GBP26.56 in the third quarter, up 3.5% from GBP25.66 million in the third quarter of the year earlier.
Revenue for the period improved by 0.8% to GBP38.5 million from GBP38.2 million year-on-year.
All geographies are operating normally post lockdown, noted Safestore, with like-for-like closing occupancy of 4.9 million square feet, up 0.2% on the prior year.
"Occupancy performances in June and July, as lockdown eased, were strong driving like-for-like closing occupancy for the Group above prior year levels," said Chief Executive Frederic Vecchioli.
"I am confident that our leading market positions in the UK and Paris and our resilient business model leaves us well positioned for the future. The company remains on course to meet the board's full year expectations," added Vecchioli.
FTSE 250-listed Safestore shares were trading 1.5% higher in London on Thursday at 801.00 pence each.
By Evelina Grecenko; [email protected]
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