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Safestore First Quarter Revenue Rises On Higher Occupancy Levels

LONDON (Alliance News) - Safestore Holdings PLC on Thursday said its revenue for the first three ...

Alliance News 14 February, 2019 | 8:58AM
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LONDON (Alliance News) - Safestore Holdings PLC on Thursday said its revenue for the first three months of the financial year rose 6.0% on the previous year, as occupancy levels increased during the period.

For the three months to the end of January, the FTSE 250 self-storage company's revenue increased to GBP37.2 million from GBP35.1 million in the comparative period a year prior.

On a like-for-like basis, revenue was up 6.4% to GBP36.4 million from GBP34.4 million.

The company's closing occupancy levels rose 4.8% to 4.6 million let square feet from 4.39 million.

"It has been an excellent start to the financial year. Our first quarter performance has been strong, continuing the trading momentum seen in the second half of 2018 in both our UK and Paris markets," Chief Executive Officer Frederic Vecchioli said. "We continue to build our new store pipeline with three new sites in the UK in London- Carshalton, Birmingham Merry Hill and Peterborough (subject to planning), and two sites in Paris at Pontoise and Magenta (subject to planning) planned to open during 2019 and 2020."

By geography, the company's core operations in the UK saw revenue up 5.3% to GBP28.0 million while its Paris unit reported a 8.3% surge in revenue to EUR10.4 million.

The UK "performed strongly" during the period, the firm said, driven by a strong occupancy and good average storage rate performance, while the Paris business "had a very strong quarter".

Looking ahead, Vecchioli added: "We are pleased with the start to the 2019 financial year, which is in line with our expectations, and remain confident in the future and focused on the continued delivery of shareholder value."

Safestore shares were trading up 0.6% at 577.00 pence each early Thursday morning.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Safestore Holdings PLC 740.50 GBX 0.14 -

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Alliance News

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