Safestore Q1 revenues up 6% as 2018 momentum continues

Storage company Safestore said first quarter revenue rose 6% to £37.2m as momentum from the second half of 2018 continued.

Like-for-like revenue in the period rose 6.4% to £36.8m.

Chief executive Frederic Vecchioli said: "We continue to build our new store pipeline with three new sites in the UK in London- Carshalton, Birmingham Merry Hill and Peterborough (subject to planning), and two sites in Paris at Pontoise and Magenta (subject to planning) planned to open during 2019 and 2020.”

“In addition, our strong and flexible balance sheet remains in good shape and allows us to continue to consider value-accretive investments as and when they arise.

"Our priority, and largest opportunity, remains the significant upside from the utilisation of our 1.8m square feet of fully invested unlet space. We are pleased with the start to the 2019 financial year, which is in line with our expectations, and remain confident in the future and focused on the continued delivery of shareholder value."