Storage company Safestore’s half-year profits have fallen 21.2% to £49.1m in the six months to 30 April 2016.
But the company said it remained confident the business would have a strong performance for the year, in line with “encouraging” early trading in H2.
Like-for-like revenue jumped 10.4% to £54.1m and UK revenues were up 11.7%.
The company’s overall property portfolio including properties under construction increased by £57.1m since October 2015 to £838.6m.
CEO Frederic Vecchioli announced the intention to open five new stores in the second half of the year.
He added: “I also hope to be able to confirm the addition of a further 12 stores to the portfolio with the completion of the acquisition of SpaceMaker.
“Our main focus will, however, continue to be on the opportunity presented by our 1.44m sq ft of currently unlet space, the equivalent of around 30 stores.
“Initial trading in the second half of the year continues to be robust and the board now expects full-year earnings to be modestly above the top end of current market expectations.”
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