Safestore Q3 revenues flat, reiterates FY guidance

Self-storage business Safestore reiterated its full-year earnings guidance on Thursday as it reported flat Q3 revenues.

Safestore posted revenues of £56.3m for the three months ended 31 July, only slightly lower than the £56.5m reported at the same time a year earlier when it also booked an insurance premium tax linked to the disposal of customer-goods insurance, which was not repeated in FY24.

Like-for-like group closing occupancy was 80.3%, down from 81.5% at the same time a year earlier.

Nonetheless, Safestore said it had delivered a "robust trading performance" in the third quarter, with "improving UK trading" and "strong" European growth, and expects full-year adjusted diluted EPRA earnings per share to be broadly in line with expectations of 42.8p.

Safestore also highlighted that it had opened six new stores and extensions in the quarter, and has a property pipeline of 1.4m square feet, roughly 17% of its existing portfolio.

As of 0845 BST, Safestore shares were up 0.76% at 864.50p.

Reporting by Iain Gilbert at Sharecast.com