Self storage firm Lok’nStore Group has reported strong results for the first half of its current financial year.
The firm, which last week revealed it had increased its banking facility to £50m to provide funding for site acquisitions to support its growth plans, said the value of its total assets was up 8.4% to £154m for the six months to 31 January 2018.
Lok’nStore also recorded a 6% increase in revenue to £8.8m, up from £8.3m, while pre-tax profit jumped 19% to £2.5m, up from £2.1m.
Net debt stood at more than £23m and it has a pipeline of 11 new stores.
Andrew Jacobs, chief executive of Lok’nStore Group, said: “With strong trading and reduced costs Lok’nStore’s profits and margins continue to grow rapidly.
“Our objective is to open more landmark stores while remaining conservatively geared delivering sustainable growth and consistently increasing dividends.”
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