Safestore first quarter revenue rises on new UK openings, Paris demand

(Alliance News) - Safestore Holdings PLC on Thursday reported double-digit revenue growth for the ...

Alliance News 17 February, 2022 | 9:39AM
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(Alliance News) - Safestore Holdings PLC on Thursday reported double-digit revenue growth for the first quarter of its financial year, fostering confidence of meeting consensus expectations for the year as a whole.

For the three months ended January 1, the Hertfordshire, England self-storage provider posted revenue of GBP50.4 million, up 15% from GBP44.4 million the same period a year prior.

Group closing occupancy for the quarter rose 3.7% year-on-year to 5.71 million square feet let, while the average storage rate increased 12% to GBP29.55 from GBP26.47.

On a like-for-like basis, group revenue growth was also 15%.

In the UK, revenue increased 19% to GBP39.9 million, driven by increased occupancy as trading returns to normal cycles, and the opening of Safestore's Birmingham Middleway and London Bow stores.

Meanwhile, revenue from Paris rose 8.2% year-on-year to GBP12.2 million, also due to a rise in occupancy, and demand in the city remaining strong, with like-for-like enquiry levels remaining broadly flat.

"I am pleased to report that the strong trading momentum we saw in our 2021 financial year has continued into the first quarter of 2022. This was driven by an excellent UK result, complemented by strong performances from Paris and Spain," said Chief Executive Officer Frederic Vecchioli.

"The business has demonstrated its inherent resilience in recent times and, with our recent and current trading, allows us to look forward with confidence. The first quarter's trading performance has provided us with a strong base for the rest of the financial year and, if the current momentum continues, we anticipate that the business delivers adjusted diluted EPRA earnings per share for 2021/22, in line with the consensus of analysts' forecasts," Vecchioli added.

Analyst consensus for Safestore's financial year ending October 31 is for adjusted diluted EPS to range from 42.4p to 47.6p, reflecting a 4.7% to 18% increase from 40.5p reported for the year before.

Shares in Safestore were up 1.1% at 1,285.00 pence on Thursday morning in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Safestore Holdings PLC Ordinary Shares 1,072.00 GBX 2.78 -

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