Safestore revenues up 10%

FTSE 250-listed self-storage group Safestore increased like-for-like revenue 3.3% on a constant currency basis in the twelve months leading to 31 October, boosting its total revenue above the previous year's figure along the way.

In Britain, like-for-like sales were up 3.1% on the same time in 2016, and its Parisian business unit saw a slightly higher 4% bump.

Across Safestore as a whole, revenue was up 10% to £129.9m.

In October 2017, Safestore completed the acquisition of a 1.34 acre industrial site at Merry Hill, roughly ten miles west of Birmingham, and subject to receiving planning consent the group expected to open a purpose-built freehold of 55,000 square feet store in the first quarter of 2019.

Frederic Vecchioli, chief executive officer, said, "The refinancing of our borrowings earlier in the year has resulted in a strengthened, efficient, low cost balance sheet which gives us the flexibility to continue to target selected development and acquisition opportunities.

"We enter the new financial year in a strong position with substantial growth potential from the integration of Alligator Self Storage and the development of three new sites. However, our priority and the largest opportunity remains the significant upside from our 1.6m square feet of invested unlet space. We remain confident in the future and focused on the continued delivery of value to all shareholders."

Safestore expected to release its fully audited results for the twelve months ended 31 October on 9 January 2018.

As of 1120 GMT, shares had fallen just 0.68% to 467.80p.