LONDON (SHARECAST) - Self-storage firm Safestore moved back into the black last year as it saw higher levels of enquiries and new lets from both business and domestic customers.
Revenue in the 12 months to 31 October rose 5.7% to £89.2m from £84.4m the year before. Profit before tax was £29.2m, including a gain of £18.5m on the value of investment properties. The year before the company had taken a £41.6m hit on the value of its property estate which tipped it into the red to the tune of £9.4m.
Average rental rates in the reporting period rose to a record level of £25.55 per square foot. At the end of October occupancy was at a record level of 2.49m square feet, an increase of 195% over the growth delivered in fiscal 2009.
“Since the year end, we have continued to see good levels of enquiries and new lets. Reservations for future new lets also remain at high levels. Vacate activity has increased which is expected given the time of year and strong trading in previous periods,” said Steve Williams, in what was his last set of results as company chief executive officer.
The company announced Peter Gowers, formerly chief executive of the Asia-Pacific unit of InterContinental Hotels, as Williams’s successor, starting on 1 March.
The final dividend was increased by 8.3% to 3.25p from 3p last year, making the total dividend for the year 4.95p, up 6.5% on the preceding year.