Safestore revenues rise on strong storage rates

Safestore reported a rise in half-year revenues, driven by strong storage rates and demand, despite a fall in profits due to a lower gain in investment properties.

Group revenue grew 9% to £110m and like-for-like storage sales were up 4.3% to £87.3m.

Statutory profit before income tax of £103.4m was down from £285.2m in 2022 with a “robust” trading performance offset by the lower gain on investment properties of £47.3m, compared with a gain of £224m a year earlier.

“Enquiry levels in the UK, whilst significantly ahead of pre-pandemic levels, were slightly below prior year levels in the UK in May but have showed some improvement in June. In our continental European business, enquiry levels have been ahead of prior year in May and June,” the company said.

Reporting by Frank Prenesti for Sharecast.com