26th April 2010
LOK'NSTORE GROUP PLC
LoknStore Group Plc, a leading company in the UK self-storage market announces interim results for the six months ended 31 January 2010.
Financial Highlights
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Revenue up 1.8% to £5.19 million – (£5.09 million: six months to 31.01.09)
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Group EBITDA up 14.5% to £1.45 million – (£1.27 million: six months to 31.01.09)
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Operating profit up 77.0% to £438,058 – (£247,547: six months to 31.01.09)
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Existing £40 million bank facility until 2012. £11.9 million undrawn
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Adjusted NAV* £2.10 per share up 1.5% over period and up 5% year-to-year(31.01.09: £2.00 per share, 31.07.09: £2.07 per share)
*Based on Directors‟ valuation, before deferred taxation.
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Interim dividend proposed 0.33 pence per share (2009: Nil** pence per share)
** 2009 interim dividend waived but a final dividend of 1 pence per share paid to maintain total annual dividend at 1 pence per share
Operational Highlights
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Store EBITDA up 4.9% to £2.16 million (£2.06 million: six months to 31.01.09)
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Store EBITDA margin 41.8% (six months to 31.01.09: 40.7%)
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Occupancy 558,514 sq ft up 10.2% over last year (31.01.09: 506,704 sq ft)
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Self-storage prices up 2.8% over period
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Ancillary income up 24.6%
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Operating costs reduced by 1.5% year-to-year (x months to 31.01.09
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Store EBITDA margin (same stores over 100 weeks) 43.9% (six months to 31.01.09: 43.5%)
Property Highlights
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Property portfolio valued at £78.4 million (31.01.09: £76.8 million)
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Loan to value ratio of 30.9%***(31.01.09:33.2%)
*** Calculation based on net debt of £24.2 million (31.01.09: £25.5 million)
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Planning permissions in place on all stores in pipeline (4 stores)
Andrew Jacobs, Chief Executive, said:
'Lok'nStore has performed well in the first half of this year. We have increased turnover, and driven ancillary revenues markedly higher. Store EBITDA and Group EBITDA are sharply higher and we have converted a loss before tax last year into a profit before tax. Occupancy has grown 10.2% year-on-year and we have increased overall margins with a combination of price increases and reduced operating costs.
We have a flexible business model backed by substantial and increasing property assets which generate cash. While economic conditions appear to have stabilised we will continue to focus on driving the cash flow from the existing portfolio by increasing occupancy, revenues, and controlling costs. We are continually reviewing our building and acquisition strategy in light of market and economic conditions. The UK self-storage remains an attractive growth market and Lok‟nStore is well positioned within it.‟
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