U.K. self-storage firm Lok'nStore this week issued a trading statement in advance of its interim results for the six months ending Jan. 31, 2010, which are scheduled for release on April 26. According to the company, trading during the first half of its financial year was encouraging, with occupancy down only 0.5 percent since July 31, 2009. Occupancy grew by 10.2 percent year over year.
Lok’nStore’s average price per square foot increased by 2.8 percent since July 31, as opposed to last year's 0.1 percent increase during the comparable period. The company says the benefits of last year's cost cutting are continuing to feed through.
Ancillary revenue has been a key operational objective for the company over the last year, and progress was made during the last six months. Following changes made to Lok’nStore’s insurance-sales procedures, the proportion of new customers taking insurance continued to increase.
Lok'nStore says its business remains robust, characterized by strong cash flow and healthy operating margins, supported by substantial property assets. The company is well-positioned to take advantage of opportunities in 2010, according to its statement.
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