Storage company Safestore has announced a 44% rise in net asset value in a strong set of full-year results.
The group said that adjusted NAV per share rose from 138.4p to 198.8p for the year ending 31 October. Pretax profits were up 69.9% to £103.6m.
Safestore’s average rate per square foot increased by 8.3% to £21.56 (like-for-like increase of 9.6%to £21.88) and its EBITDA margins have increased by 2.8% to 54.8% (2006: 52.0%).
As at 31 October 2007, Safestore’s property portfolio was valued at £583.7m, an increase of 24% since 31 October 2006, and an increase of 17.4% since 30 April 2007.
During the financial year, Safestore opened six new stores at Slough, Guildford, Hayes,
The pipeline of expansion stores has increased to 18 of which one has now opened. Of the remaining 17, ten are due to open in 2008 with a further seven planned to open in 2009/10. The expansion pipeline will increase the total number of current stores in the portfolio from 104 to 119 with two relocations.
Total Maximum Lettable Area combined with the expansion stores will increase to approximately 5.34m sq ft.
Steve Williams, Safestore chief executive, said: “While the broader economic environment is uncertain, Safestore has a resilient business model, strong operating skills and a high quality asset base which will underpin our performance.”
