Lok’n Store Group PLC said on Monday it has remained ‘resilient’ as it reported solid same-store revenue growth.
The London-based self-storage provider reported a pretax profit of £4.7 million in the six months to January 31, down 58% from £11.3 million the year prior, partly driven by finance costs of £1.0 million.
Revenue was up slightly by 1.5% to £13.6 million from £13.4 million in 2021, which Lok’n Store attributed to same-store revenue growth of 11% and customer demand strengthening above pre-pandemic levels.
Lok’n Store added that its half year adjusted earnings before interest, taxes, depreciation and amortisation was £7.9 million, down 2.5% from £8.1 million.
An interim dividend of 5.75 pence per share was declared, up 15% from 5.00p in July 2022.
Looking ahead, Lok’n Store said it opened a new store in Bedford, England after the period end, and noting ‘excellent’ trading which ‘underpins our confidence that our pipeline of new stores will add further to sales and earnings growth.’
New stores in Staines, Basildon and Peterborough are set to open in the coming year, the company said, adding that its pipeline of new stores will add 33% more trading space in the next few years.
Chair Andrew Jacobs said: ‘Our robust margins, strong balance sheet and flexible business model enables Lok’nStore to confidently look through the current external market turbulence. We look to the future with confidence.’
Shares in Lok’n Store were down 1.4% at 860.00 pence each in London on Monday afternoon.
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