Safestore reiterates FY guidance following modest Q4 revenue growth

Safestore said total revenues were up 1.4% in the three months ended 31 October at £57.6m, while like-for-like revenues for the year were 1.7% stronger at a constant exchange rate.

However, revenues were down 0.4% at constant exchange rates in the quarter at £53.7m, total closing occupancy was 1.4% weaker at 6.23m square feet, and revenues per available foot were 3.4% softer at £28.24.

The FTSE 250-listed group, which had a like-for-like closing occupancy of 79.6%, noted that it also had a group property pipeline of 1.5m square feet, representing roughly 18% of its existing portfolio, which will be funded from existing financial resources and was expected to generate £25.0m-£30.0m of stabilised underlying earnings.

Chief executive Frederic Vecchioli said: "After two years of out-performance in which the Group delivered total like-for-like5 revenue growth of circa 25%, 2023 has been a resilient year in which significant strategic and operational progress has been made.

"For 2023, we anticipate that the business will deliver adjusted diluted EPRA earnings per share in line with the guidance given in our third quarter trading statement."

As of 0850 GMT, Safestore shares were down 1.48% at 765.0p.

Reporting by Iain Gilbert at Sharecast.com