U.K. company Lok'nStore Group PLC, which provides self-storage and records-storage services, has reported “continued positive momentum” based on preliminary figures for its 2016 fiscal year, which ended July 31. The company reported a 5.2 percent increase in same-store self-storage revenue from its 2015 fiscal year. Same-store occupancy was up 2 percent year over year, and average price per square foot increased 2.2 percent compared to the previous year.
The company’s records-storage business also grew, with revenue increasing 11.1 percent compared to a year ago. The number of stored boxes increased 8.7 percent, while the number of stored tapes grew by 14.2 percent.
“We have built on the solid turnover and profits growth of last year with another strong trading performance in this financial year,” said CEO Andrew Jacobs.
The company sold three properties during the year for approximately £8.5 million, which provided cash-flow flexibility, including money funneled into new self-storage developments, according to the release. “Lok’nStore’s strategy of expanding the operating footprint of the business by developing both managed stores and owned stores, while maintaining its strong balance sheet combined with our flexible new banking facility, give us confidence that Lok’nStore can continue to deliver growing dividends for its investors from an increasing number of stores,” Jacobs said.
In May, the company opened new facilities in Bristol and Southampton, England. Those followed earlier openings in Aldershot, Chichester, Maidenhead and Reading, England. Two owned properties and two managed facilities are expected to expand the Lok’nStore portfolio before the end of 2017, the release stated.
The company is expected to publish its final, full-year financial results on Oct. 17.
Founded in 1995, Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. It operates 26 self-storage facilities and two records-storage locations in Southern England. The self-storage portfolio is comprised of 12 freehold or long-leasehold properties, eight leasehold sites and four locations under management. It owns 20 of its operating facilities.
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