U.K.'s Lok'nStore Profit Rises 196%
Copyright 2014 by Virgo Publishing.
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Posted on: 10/19/2010



 

Operating profit for U.K. self-storage operator Lok'nStore rose 196 percent to £920,232 in the year, ending July 31. Revenue increased by 4.1 percent to £10.4 million. The firm posted a net profit of £221,124 compared with a £597,959 loss last year.

"Lok'nStore has performed strongly this year,” said CEO Andrew Jacobs. "We have increased turnover and reduced operating costs, cost of sales and interest costs. Margins, profit and cash flow have all increased. Over the year occupancy is up 4 percent and prices are up 4.9 percent, demonstrating that self-storage continues to perform well even in a weak economy.”