Lok'nStore H1 revenues improve despite 'subdued' trading during lockdown
Lok'n Store Group
1,107.50p
14:23 19/04/24
Self-storage company Lok'nStore said on Monday that first-half revenues were up year-on-year despite witnessing "more subdued" trading during the UK's full lock-down.
FTSE AIM All-Share
743.07
14:24 19/04/24
Real Estate Investment & Services
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14:25 19/04/24
Lok'nStore stated trading was "strong" with self-storage revenue up 6.3% and occupancy up 5.9% as the firm's performance in May, June and July was stronger, with new enquiries and move-ins at an all-time high in July.
However, price per let square foot was down 0.3%. Following more subdued trading during the full lock-down,
The AIM-listed group added that its new stores in Oldbury and Gloucester, as well as its new landmark store in Leicester, had all experienced "encouraging" early trading.
Chairman Andrew Jacobs said: "With our modest gearing, valuable property assets and strong and growing cash flow the group will continue to execute its current growth strategy as the economy returns to normal.
"The strong pipeline of new stores will add considerable momentum to sales and earnings growth over the medium term allowing further increases in dividends."
As of 1100 BST, Lok'nStore shares were up 2.36% at 593.69p.