Lok'nStore, Pre-Close Trading Update
10th February 2016
Lok'nStore, the fast growing
self storage Company with 25 stores across South East England, is
pleased to provide the following update on trading in the first half of its financial year to 31 January
Building on a good FY2015 performance, trading in the first half of FY2016 has remained strong. In
business the first half like for like revenue was up 5.4% year-on-year. At 31
January 2016, like for like self-storage occupancy was up 2.4% and price per let square foot
increased 3.3% compared to the same period 12 months ago.
In our Document Storage business, revenue and EBITDA have responded rapidly to the improved
operating metrics reported previously. Revenue grew by 14.7% against the same period last year
with costs slightly down resulting in over a doubling of EBITDA. The number of boxes stored
increased by 11% over the twelve months to the end of January 2016.
Andrew Jacobs, CEO of Lok'nStore said:
"We have built on the solid turnover and profits growth of last year with strong trading in the first half
of our financial year 2016 with a 2.4% like for like
increase in occupancy and a 3.3% increase in
prices delivering a 5.4% growth in revenue in our core self-storage business.
"Following the receipt of the additional £2 million for the sale of the old site in Reading and the £3.5
million for the sale of the Swindon operation, debt and leverage remain low and the reduced interest
margin on our new bank facility further reduces finance costs. The new bank facility underlines the
financial strength of Lok'nStore with its modest gearing, valuable property assets and strong and
growing cash flow. With its substantially improved terms and
structure we are able to invest in the
future growth of the business.
"Trading at the new Reading,
Maidenhead and Aldershot stores has been excellent underpinning our
confidence that the new stores in Southampton,
Bristol and Chichester opening over the coming few
months will provide added impetus to sales and earnings growth."