Safestore Holdings Turns Fiscal Year Profit; CEO Retires

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British self-storage company Safestore Holdings shared publicly this week a fiscal year pretax profit of €29.2 million ($46.4 million), along with its intent to buy more properties.

Safestore reported a 5.7 percent year-over-year revenue increase during the fiscal year ended Oct. 31. According to the source, the increase resulted from rebounding rental rates and property values, with the price per square foot at €25.55 ($40.65). In the previous year, the company reported a €9.4 million (about $15 million) loss resulting from a €41.6 million ($66.2 million) dip in its property portfolio.

Planned final dividend payments this year are 3.25 pence a share, up 8.3 percent from the previous year.

Company represenatives added that Safestore intends to acquire and open about five new stores each year for the next three years in both the United Kingdom and Paris.

CEO Steve Williams will step down this year. Peter Gowers, current CEO of InterContinental Hotels Group PLC's Asia Pacific arm, will replace Williams on March 1.

Sources:

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