Safestore sees FY earnings 'slightly ahead' of consensus

Safestore Holdings said annual earnings would be slightly ahead of forecasts as it reported a rise in interim profits and lifted its dividend by a quarter.

The self-storage specialist said pre-tax profit for the six months to April 30 rose 70% to £285.2m while core earnings increased to £65.2m from £54.4m.

Revenue rose was up 15% to £101m. Net tangible assets per share were up to £7.93, from £5.90. The company forecast full-year diluted earnings per share at 47p a share, slightly above market analyst consensus forecasts of 45.9 pence.

Chief executive Frederic Vecchioli said the company “has the capability and discipline to mitigate likely cost inflation and deliver strong project returns”.

The interim dividend was lifted to 9.4p a share, up from 7.5p a year earlier.