Safestore FY earnings set to top guidance following solid Q1 performance

Safestore said group revenues were up 9.8% in the first quarter at £44.4m, with like-for-like sales up 6.6% thanks to an 8.3% increase in UK sales.

Occupancy was 6.9 points higher at 80.6%, however, like-for-like average rates dipped 9.0% during the three months ended 31 January.

Chief executive Frederic Vecchioli said: "Whilst the potential for disruption arising from current COVID restrictions remains, the inherent resilience of our business model, as well as our recent and current trading, allows me to look forward with confidence.

"The first quarter's trading performance has provided us with a strong base for the rest of the financial year and, if the current momentum continues, we would anticipate that the business delivers Adjusted Diluted EPRA Earnings per Share 7 for 2020/21 towards the top of the range of analysts' forecasts."

As of 0840 GMT, Safestore shares were up 2.63% at 801.50p.