Safestore reports strong Q1 revenues

Storage space operator Safestore reported a 9.8% year-on-year rise in first quarter group revenues on a constant currency basis to £35.1m.On a like-for-like basis, revenues were up 5.5% to £32.8m.

Chief executive Frederic Vecchioli said the results had been supported by revenue from Safestore's recent acquisition of Alligator Self Storage, which complemented solid like-for-like growth.

“The strong trading momentum from our Paris stores continued in Q1, combined with encouraging UK occupancy growth,” he said.

"Over the last 18 months we have consolidated our market leading positions in the UK and Paris with the addition of 30 stores to the portfolio via the acquisitions of Space Maker and Alligator and the opening of six new sites.”

“We continue to progress our new store pipeline with four new sites in London Birmingham Merry Hill and Paris Poissy. In addition, our strong and flexible balance sheet allows us to continue to consider value accretive investments as and when they arise.”