Safestore total revenues grow in Q4

Self-storage provider Safestore said on Tuesday that it had seen continued improvement in UK trading throughout Q4 and strong growth in expansion markets.

Safestore said total group revenues were up 0.5% during the quarter at £57.9m, with UK revenues down 1.9% at £41.8m, while Paris revenues grew 1.6% to €13.2m and expansion markets revenue improved 35.2% to €6.0m.

The FTSE 250-listed group stated its UK trading performance had continued to improve in Q424 despite the drop in revenues, which it said was driven by a small reduction in rate, together with broadly stable occupancy and growing ancillary sales.

Safestore also noted that it has a total pipeline of 31 developments and extensions opening in FY25 and beyond, which was expected to add a total of 1.6m square feet.

As of 0955 GMT, Safestore shares were down 0.92% at 750.0p.

Reporting by Iain Gilbert at Sharecast.com