Safestore posts double-digit increase to interim revenue and EBITDA

Safestore posted an 11.1% jump in revenues to £88.1m, while underlying EBITDA shot up 18.5% to £54.4m for the period ended 30 April as closing occupancy grew 9.6 points to 80.7%. Group like-for-like storage revenues at a coupon equivalent rate were up 9.1% - or 8.3% on a like-for-like basis.

Profit before income tax was £167.3m, up from £99.7m in 2020, driven by a "strong trading performance" and an increased gain on investment properties of £127.7m.

Safestore also highlighted that a "strong operational gearing" had driven growth in adjusted diluted EPRA earnings per share, up 24.8% at 18.1p, while improved profitability led to a 27.1% increase in the FTSE 250-listed firm's interim dividend to 7.5p.

Chief executive Frederic Vecchioli said: "I am pleased to report a very strong performance in the first six months of the year with trading momentum accelerating in the second quarter driven by the strength of our UK performance combined with continued robust results from our French and Spanish businesses."

"The accelerating momentum in our second quarter performance gives me confidence in relation to the outlook for the full year and I anticipate that the business should deliver adjusted diluted EPRA earnings per share for 2020/21 at least at the top end of our previous guidance of 37.0p to 38.0p, which would represent growth of at least 26% compared to the prior year."

As of 0825 BST, Safestore shares were down 0.47% at 956.0p.