Safestore’s profits have fallen by 60%, despite increasing revenue.
The storage firm said revenues had risen by 9% to £110m over the six months to the end of April, while like-for-like revenues were up by 4.1% to £103.5m.
However the firm, which operates in the UK and Western Europe, said revaluations of its properties had resulted in a lower gain of £47.3m, down from a £224m gain for the same period in 2022.
Chief executive Frederic Vecchioli said: “The performance is all the more pleasing as it builds on two record financial years.”
The group has a development and extension pipeline for 30 stores, amounting to approximately 1.5m sq ft, which would increase the portfolio by 18%.
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