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Storage

Lok'n Store Makes Good Progress

13th February 2018

Self storage company Lok'n Store Group PLC said on Monday that it saw strong trading in the first half of its financial year, with January delivering a record level of new storage sales enquiries.

For the six months ended January 31, like for like revenue for the company's core self storage business was up 6.9% year on year, with self storage unit occupancy at the end of January up 6.0% and price per let square foot up 0.4% on a year on year basis.

During the period, Lok'n Store opened its Gillingham store and recently acquired a site in Dorset, bringing the group's current pipeline to six stores. The group's new store in Wellingborough is due to open in March, with Dover and Exeter in the early build stage, and Bedford, Ipswich and Bournemouth in the design and planning stage.

All stores are expected to open in the financial year ending July 31, 2019.

"Trading at our new landmark stores in Broadstairs, Bristol, Hemel Hempstead and early trading at our Gillingham store has been excellent. This underpins our confidence that our strong pipeline of six more landmark stores will add further momentum to sales and earnings growth. All six stores are in prominent locations with large catchment areas that demonstrate the company's ability to source high quality sites adding to future sales and earnings growth," said Chief Executive Officer Andrew Jacobs.

"Lok'nStore's successful execution of its strategy, pipeline of new landmark stores and strong balance sheet gives us confidence that the company can continue to deliver future growth," Jacobs added.

Lok'n Store will report its first half results on April 23.

Shares in Lok'n Store Group were up 4.2% at 388.00 pence on Monday.