Lok'n Store Group (LOK)

Sector:

Real Estate

Index:

FTSE AIM 50

860.00p
   
  • Change Today:
      10.00p
  • 52 Week High: 918.00
  • 52 Week Low: 628.00
  • Currency: UK Pounds
  • Shares Issued: 32.90m
  • Volume: 24,523
  • Market Cap: £282.90m
  • RiskGrade: 108

Lok'nStore reports record full-year revenue and profits

By Josh White

Date: Monday 31 Oct 2022

LONDON (ShareCast) - (Sharecast News) - Self-storage operator Lok'nStore reported record revenue and profits in its preliminary results on Monday, as it hiked its dividend by 15%.
The AIM-traded firm said group revenue in the 12 months ended 31 July was up 22.9% year-on-year at £26.9m, while group adjusted EBITDA was 37.5% higher at £16.4m.

Its operating profit before non-underlying items was ahead 49.8% at £11.4m, and its operating profit after non-underlying items rocketed 130% to £17.2m.

The board said that growth was driven by a 13% increase in its achieved rate on occupied space to £25.6 per square foot.

Managed store revenue grew 107% to £2.8m, while its cost ratio reduced to 38.5% from 44.9% year-on-year.

Lok'nStore said its cash flow growth drove its 11th consecutive year of a dividend increase, with cash available for distribution per share up 36.6% to 38.7p.

As a result, its annual dividend was up 2.25p to 17.25p per share - a 15% improvement over 2021's distribution, and covered 2.24x by cash available for distribution.

The company's adjusted net asset value per share was up 33% to 972p per share.

It reported £46.5m of cash at year-end, up from £9.1m, while net debt excluding lease liabilities and deferred finance costs narrowed to £20.3m from £56.3m.

The loan-to-value ratio fell to 6.6% from 21.0%, while the firm executed its £25m accordion to increase its bank facility to £100m, and extended its bank facility by one year to April 2026.

Looking ahead, Lok'nStore said new store openings and rate increases would lead to further revenue and profit growth.

It said its trading momentum continued post the year-end, with same-store revenue up 13.6% for August and September compared to the same period last year.

The board left its strategy unchanged, as it aimed to increase revenue from existing stores and open more new 'landmark' stores, while maintaining the flexibility to respond to market circumstances.

"We are on site at four new landmark stores which will open within the next 12 months and can be completed using cash-on-hand," said executive chairman Andrew Jacobs.

"At 31 July, our secured pipeline of 10 new sites increases owned space by 44.1% - this pipeline of new stores will add further momentum to sales and earnings growth.

"We have reduced our net debt to £20.3m, and our business model enables us to build out the pipeline as market circumstances dictate."

Jacobs said the company aimed to build more landmark stores in the under-supplied UK market.

"We are growing the business from a strong financial platform that gives us great flexibility to respond to market circumstances.

"We have multiple levers to allocate our capital in ways which are most accretive to our shareholders through the economic cycle, and we are confident that we will continue to increase net assets, cash flows and dividends."

At 1137 GMT, shares in Lok'nStore Group were up 9.81% at 916.9p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

LOK Market Data

Currency UK Pounds
Share Price 860.00p
Change Today 10.00p
% Change 1.18 %
52 Week High 918.00
52 Week Low 628.00
Volume 24,523
Shares Issued 32.90m
Market Cap £282.90m
RiskGrade 108

LOK Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
62.96% below the market average62.96% below the market average62.96% below the market average62.96% below the market average62.96% below the market average
89.74% below the sector average89.74% below the sector average89.74% below the sector average89.74% below the sector average89.74% below the sector average
Price Trend
51.09% above the market average51.09% above the market average51.09% above the market average51.09% above the market average51.09% above the market average
53.49% above the sector average53.49% above the sector average53.49% above the sector average53.49% above the sector average53.49% above the sector average
Income
95.71% below the market average95.71% below the market average95.71% below the market average95.71% below the market average95.71% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
12.12% below the market average12.12% below the market average12.12% below the market average12.12% below the market average12.12% below the market average
17.95% above the sector average17.95% above the sector average17.95% above the sector average17.95% above the sector average17.95% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LOK Dividends

  Latest Previous
  Final Interim
Ex-Div 23-Nov-23 04-May-23
Paid 05-Jan-24 09-Jun-23
Amount 13.25p 5.75p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 3 @ 860.00p
16:35 2 @ 860.00p
16:35 1 @ 860.00p
16:29 179 @ 832.00p
15:49 929 @ 837.50p

LOK Key Personnel

Finance Director Ray Davies

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