Self-storage company Lok’nStore Group has posted a 9.6% increase in net asset value per share thanks to an £11.3m increase in the value of its property portfolio.
The company’s revenue was up 7.2% to £13.9m, with adjusted pretax profit up 11.6% to £4.6m in the year to 31 July.
In the past year the company has opened a new store in Maindenhead and sold its existing store in Reading for residential development, netting £2.9m.
A new Reading store completes this month.
It has also bought a site in Bristol for a new store and plans further openings in Aldershot and Southampton in 2015.
Chief executive Andrew Jacobs said: “Trading has been strong and accelerated through the second half of our financial year. Our new store pipeline is changing the balance of our portfolio with new and purpose-built stores increasing from 39.6% of the portfolio to 58.0% of our lettable space. The new flagship store in Maidenhead opened in December and is trading well and the new stores in Reading, Aldershot, Southampton and Bristol opening over the coming 18 months will add further impetus to sales and earnings growth. These will all be purpose-built stores with our eye-catching modern design in highly prominent positions.
“The strong growth of the business, and Lok’nStore’s low level of debt means that this can be financed out of our existing bank facilities, while progressively increasing the dividend.”
