Safestore revenues grow in 'solid' Q4
By Iain Gilbert
Date: Thursday 14 Nov 2019
(Sharecast News) - Self-storage group Safestore outlined details of its solid final quarter on Thursday, reporting both strong occupancy growth and some significant strategic progress.
It saw total revenues increase 5.9% to £30.7m during the fourth quarter, while like-for-like revenues across the UK were up 3.8% to £29.7m.
The FTSE 250-listed firm's performance was particularly strong in its regional UK stores, as like-for-like revenues grew 5% whilst London and the South East grew by 2.9%.
Total revenue for the UK grew 5.2% for the full year, with a slight bump coming from the firm's newly-acquired Heathrow store, management revenue from its Dutch joint venture business, and the annualisation of 2018 new store openings in Mitcham and Paddington Marble Arch.
However, those gains were partially offset by the closure of its Deptford, Merton, Leeds and Paddington sites.
Safestore's Parisian operations also reported revenue growth, up 4.8% to €11m.
Chief executive Frederic Vecchioli said: "The company is in a very strong position and, as ever, our top priority remains the significant organic growth opportunity represented by the 1.5m square feet of currently unlet space in our existing fully invested estate.
"Our leading market positions in the UK and Paris combined with our resilient business model enable us to look forward to the future with confidence."
As of 0910 BST, Safestore shares had picked up 0.21% to 726.50p.
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