U.K. company Lok'nStore Group PLC, which provides self-storage and records-storage services, released a pre-close update for the first half of its 2017 fiscal year, which ended Jan. 31. The company reported a 3.9 percent year-over-year increase in self-storage revenue. Occupancy was up 4.6 percent and average price per square foot was even compared to the same period last year.
The company’s records-storage business also grew, with revenue increasing 8.8 percent compared to a year ago. The number of stored boxes increased 8 percent, while the number of stored tapes grew by 27 percent over a 12-month period.
"We have built on the solid turnover and profits growth of last year in the first half of our financial year 2017,” said CEO Andrew Jacobs.
Lok’nStore has four self-storage projects under development and expects each to be complete by the end of the year, according to a press release.
In November, the company raised £7.9 million by selling 1.975 million shares. Last month, Lok’nStore also exercised its extension option on a five-year, £40 million revolving credit facility. “The recently announced two-year extension on our existing banking facility with its extremely competitive terms and flexible structure further highlights the financial strength of Lok’nStore,” Jacobs said. “With our modest gearing, valuable property assets and strong and growing cash flow the group will continue to execute its current successful growth strategy.”
The company is expected to publish interim results on April 24.
Founded in 1995, Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. It operates 26 self-storage facilities and two records-storage locations in Southern England. The self-storage portfolio is comprised of 12 freehold or long-leasehold properties, eight leasehold sites and four locations under management. It owns 20 of its operating facilities.
Sources:
- Lok’nStore: Pre-Close Trading Update
