Safestore Q3 revenues rise amid 'strong' occupancy performance

Self storage facilities operator Safestore said on Thursday that third-quarter revenues had grown as the group continued to deliver a "strong" occupancy performance.

Safestore stated group revenues had risen 14.9% year-on-year to £54.7m, with UK like-for-like revenues up 10.7%, Spanish LFL revenue up 8.3% and LFL revenue growth in Paris of 4.8%.

Like-for-like enquiries in August 2022, the first month of the group's final quarter, were also said to be at record levels.

The FTSE 250-listed group, which delivered a like-for-like occupancy rate of 85.7%, also noted it had acquired two new freehold development sites during the period, with one in the South West of Madrid and another in Almere in the Netherlands, adding 91,000 square feet of MLA to its pipeline.

Chief executive Frederic Vecchioli said: "I am pleased to report that the Group's strong first half performance has continued into the third quarter of 2022.

"The business has demonstrated its inherent resilience in recent times and, with our recent and current trading, allows me to look forward with confidence. The first three quarters' trading performance has provided us with a strong base for the rest of the financial year and we anticipate that the business will deliver adjusted diluted EPRA earnings per share for 2021/22 in line with the previous guidance of at least 47.0p".

As of 0820 BST, Safestore shares were up 0.68% at 1,038.0p.

Reporting by Iain Gilbert at Sharecast.com