Safestore FY revenues rise after 'strong trading performance'

Self-storage facilities group Safestore said on Tuesday that it had delivered a "strong trading performance" in a year of "significant strategic progress and geographic expansion".

Safestore stated revenues rose 13.8% in the 12 months ended 31 October 2022 to £212.5m, while underlying earnings increased 14.5% to £135.1m. Like-for-like revenues were up 10.7% year-on-year.

Statutory operating profits were up 23.4% at £514.4m, pre-tax profits grew 23.3% to £498.8m and diluted earnings per share jumped 18.7% to 29.8p.

Average storage rates were up 8.5% at £29.25, while closing occupancy slipped 2.4 percentage points to 82.1%.

The FTSE 250-listed group added that it had seen a 30.9% increase in property valuation during the year and noted that its revolving credit facilities had been refinanced with a new increased £400.0m unsecured multi-currency four-year facility.

Chief executive Frederic Vecchioli said: "I am pleased to report another excellent year in which we delivered significant strategic progress, having enhanced our funding capacity, doubled our development pipeline to circa 1.4m square feet of MLA and extended our geographical footprint.

"The strong trading performance for the year is especially pleasing as it follows a record year in 2021. Our 2022 result was achieved through strong revenue growth in the UK market, good performances in our Parisian and Spanish businesses, and seven months' contribution from our Benelux business, which was acquired in March 2022."

As of 0835 GMT, Safestore shares were down 0.35% at 996.51p.

Reporting by Iain Gilbert at Sharecast.com