Lok 'n Store's annual revenue climbs on expansion plans

Self-storage provider Lok’n Store Group saw revenues rise this year, while new store openings are expecting to further boost sales and earnings.

In the 12 months to 31 July, the London-listed group reported a 12% year-on-year rise in revenue, as occupancy grew 0.6% and price per let square foot rose 4.1%.

In a short statement released on Tuesday, the company said its document storage division was rapidly improving and reported a 36% year-on-year increase in the number of boxes stored.

The group, which earlier this year opened new stores in Reading and Aldershot, said it was continuing to invest in the future growth of the business.

"Trading at the new Reading, Maidenhead and Aldershot stores has been excellent underpinning our confidence that further new stores in Southampton, Bristol and Chichester opening over the coming twelve months will add further impetus to sales and earnings growth," said group chief executive Andrew Jacobs.

Lok’n Store shares were up 0.67% to 286.90p at 0915 BST on Tuesday.