Lok'n Store First Half Revenue Rises As Occupancy Levels Grow

LONDON (Alliance News) - Lok'nStore Group PLC on Monday said that its revenue rose during the ...

Alliance News 11 February, 2019 | 10:55AM
Email Form

LONDON (Alliance News) - Lok'nStore Group PLC on Monday said that its revenue rose during the first half of the financial year on higher occupancy levels.

For the six months to the end of January, the self-storage firm reported revenue up 7.7% on the prior year. Revenue in the firm's core segment Self Storage was up 9.2%.

At the end of January, self-storage unit occupancy was up 8.0% on the same period a year ago, while the price per let square foot was up 1.4%.

During the half, in line with its tactical approach to sell assets and capital allocation, Lok'n Store disposed of its document storage business, Saracen Datastore Ltd for GBP7.64 million in cash. This was higher than the unit's net book value at the end of July of GBP5.4 million.

"Disposal proceeds will be used to fund the ongoing investment into Lok'nStore's highly accretive development pipeline of new landmark self-storage centres, fulfilling the company's objective of growing asset value by recycling capital from lower growth assets into high growth landmark stores," Lok'n Store said.

Furthermore, two new sites were acquired in Stevenage and Wolverhampton with the company planning to develop them into landmark stores.

Following the development of the new sites, Lok'n Store will be operating from 41 locations of which 21 are held freehold, 8 leasehold and 12 are managed stores.

Lok'n Store will publish its interim results on April 29.

Lok'n Store shares were trading up 2.4% at 430.00 pence each.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Lok'n Store Group PLC 515.00 GBX -0.96 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Member User Agreement        Cookies