9th Jan 2017 07:51
LONDON (Alliance News) - Safestore Holdings PLC on Monday said its pretax profit declined 20% year-on-year in the twelve months ended October 31 despite an increase in revenue.
The FTSE 250-listed self-storage provider said on an underlying basis its pretax profit increased to GBP44.9 million from GBP36.3 million a year earlier. However its reported pretax profit fell to GBP94.9 million from GBP118.2 million a year earlier, after the gain made on the revaluation of its investment properties came in much lower than the prior year.
Revenue rose to GBP115.4 million for the year from GBP104.8 million a year earlier, and Safestore reported enquiry growth of 7.5% during the year.
The group declared a 21% increase in its final dividend to 8.05 pence per share, resulting in a 21% increase in full year dividend to 11.65p per share from 9.65p per share a year earlier.
Like-for-like average occupancy for the year was up 3.5%, whilst like-for-like pricing growth was "good", up 4.5% in the UK and up 2.3% in Paris on a year-on-year basis. Safestore said its closing occupancy was around 71%, down from 72.6%, but it had let more space at 4.0 million square metres, compared to 3.6 million square metres a year earlier.
During the year, Safestore said it opened five new stores, completed one extension and is on track to complete a further extension in January.
The group said it continues to see good levels of interest in self-storage and remains focused on the "significant opportunity represented by our 1.62 metres square feet of currently unlet space".
"In addition, our balance sheet capacity and flexibility allows us to continue to seek selected development and acquisition opportunities. The company is in a strong position and we look forward to the future with confidence," said CEO Frederic Vecchioli.
By Hannah Boland; [email protected]; @Hannaheboland
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