Safestore Holdings has announced an increase in revenue and dividend in its full-year results to the end of October.
The largest self-storage company in the UK and Paris posted a 6.6% increase in revenue to £95.1m and a 9.2% hike in its final dividend increased to 3.55p a share.
Its underlying EBITDA was up 2.7% to £50.5m, and its EPRA adjusted profit per tax was up 4.8% to £16.1m.
EPRA adjusted earnings per share rose 4.8% to 8.58p, while the basic earnings per share dropped from 14.05p this time last year to 6.95p a share.
The company’s profit after tax halved from £26.3m to £13m reflecting the impact of non-cash movements in the value of its investment properties, exceptional items and the associated tax.
At the end of the year, occupancy was at record level of 3.21m sq ft and the average self-storage rental rate was up 2.2% to £26.11 per sq ft.
Ancillary sales rose 8.3% to £13.2m during the year with the opening of two new stores in Paris and two replacement stores in the UK.
Chief executive Peter Gowers said: “Safestore has delivered another strong operational performance, our fifth successive year of growth in sales, profit and the total value of the property portfolio.
“Demand for self-storage has been increasing and as the market leader we have driven growth while making targeted investments in our future. Since the year end we have continued to see further growth in personal and business new lets.
“While we continue to monitor the wider economic conditions, our recent performance has been encouraging and as the market leader, the board believes we are well positioned to capitalise on the opportunities ahead.”
bridget.o’connell@estatesgazette.com
