Lok'nStore reports 'strong' first half performance as revenues rise 7.7%
Source - SMW
Self storage group Lok'nStore said Monday trading in the first half of fiscal 2019 was 'strong' with revenue up 7.7% year-on-year.
The jump in overall revenue for the half was led by the core self storage business, which was up 9.2% compared with a year earlier.
At 31 January 2019 self-storage unit occupancy was up 8.0% and price per let square foot was up 1.4% compared to the same date 12 months ago.
Two new sites in Stevenage and Wolverhampton were acquired in the period and would be developed into landmark stores adding around 100,000 sq. ft. to the trading portfolio in 2020.
An existing single store self-storage operation of 42,000 sq. ft. in Hedge End, Southampton had been purchased and was in the process of being rebranded, the company said.
Following the rebrand and the implementation of Lok'nStore's management processes the store's revenue and earnings (EBITDA) profit are expected to improve from pro forma levels of £570,000 and £100,000 respectively, it added.
The new store in Dover began trading in December and the Cardiff store just after the period end, bringing the total stores currently trading to 32.