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Safestore (SAFE) – Finals PTP: £103.6m (£61m) Divi: 3p (n/a)

Positive full-year results were driven by tight cost controls and rapid expansion, which has seen the opening of six new stores and two satellite stores, as well as the extension of leases on three stores.

The pipeline of expansion stores has increased to 18, one of which has now opened, and ten are due to open this year, in line with the group's strategy of adding seven to ten stores a year.

Safestore is focused on expanding its geographical reach across the UK, and has a significant presence in the major cities of London, Glasgow, Edinburgh, Manchester, Birmingham and Bristol, as well as the south east and north west.

Its French business, Une Pièce en Plus, also enjoyed solid growth during the period, focusing on the Paris region, the most developed self storage market in France. The French business now operates 20 stores.

Regarding current market conditions, the company acknowledges that it will not be completely immune to 'macro-economic factors, which could impact financial performance.' But with the UK self-storage market remaining immature, the likelihood of supply outstripping demand is currently minimal, providing plenty of room for growth.

The fundamentals for people needing self storage are also unlikely to change despite market volatility. Current first-quarter trading is said to be in line with historic seasonal trading patterns, but occupancy levels are expected to pick up in the traditionally stronger second and third quarters. Meanwhile, Safestore, which listed last March, continues to contemplate converting to Reit status, although for the moment, this seems unlikely. The shares slipped 2% to 150p.

Shares says: Despite the fall in the share price, its robust trading model should prove fruitful.

by: Rachel Robson