28th July 2010
LOK'NSTORE GROUP PLC
PRE-CLOSE TRADING UPDATE
Lok’nStore Group plc, the AIM listed self-storage company, is pleased to announce that since the first half results were reported in April, trading has been good and the Company’s operating performance for the full year to 31 July 2010 is in line with market expectations.
The Board expects occupancy to have grown by 3% and prices for self storage per square foot to grow by 5% over the 12 month period. With our strategy of constraining capital expenditure and maintaining focus on the cash generation of the business, margins have improved year on year, and the cash position has increased to over £5 million (£3.9 million 31.01.10).
In addition to the emphasis on operating efficiency, the Board continues to examine the portfolio for asset management gains as demonstrated by its recent announcement extending the leases on two of the Company’s stores on significantly improved terms.
Lok’nStore is expecting to announce its preliminary results for the year ended 31 July 2010 on Monday 8th November 2010.
