U.K. self-storage operator Lok'nStore Group PLC has released preliminary financial results for its 2019 fiscal year, which ended July 31. Self-storage revenue increased 9 percent year over year to £16 million, with adjusted store earnings before interest, tax, depreciation and amortization growing 6.7 percent. Net profit was £5.56 million, a 48 percent increase from 2018. Overall occupancy was up 6 percent compared to the previous year, with rental rates increasing .6 percent.
During the fiscal year, Lok’nStore opened or acquired five self-storage properties. It has 14 projects in its pipeline, which will increase its portfolio to 48 locations once developed.
“Lok’nStore Group has had an excellent year successfully implementing our strategic objectives,” said CEO Andrew Jacobs. “We have created a strong platform for an exciting period of growth for Lok’nStore with revenue, profits and asset values all moving strongly ahead. With a strong balance sheet and low gearing helped by capital recycling, we will continue to build more landmark stores in an undersupplied market. This will add considerable momentum to sales and earnings growth and positions the group well for the future."
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 34 self-storage facilities in Southern England. The self-storage portfolio is comprised of 15 freehold properties, eight leasehold sites and 11 locations under management.
Lok’nStore, Preliminary Results for the Year Ended 31 July 2019