Lok'nStore Preliminary Results
1st November 2017
Lok'nStore Group Plc, a leading company in the UK self storage market announces results for the year ended 31 July 2017. Highlights of Lok'nStore Group plc results 2017:
Group Revenue £16.65 million, up 3.7% - like for like up 5.6%.
Group Adjusted EBITDA £6.49 million up 3.1% - like for like up 5.4%.
Profit after taxation (adjusting for exceptional items) £3.17 million, up 28.8%.
Annual dividend 10 pence per share, up 11.1%.
Cash available for Distribution, £5.17 million up 9.9%. (2016: £4.71 million).
Net Assets up 24.7% to £89.1 million.
Adjusted Net Asset Value per share up 7.9% to £4.16.
Sale of all 2,466,869 Treasury shares held raising £9.9 million cash at average 405 pence per share.
More new stores to come delivering further growth, new landmark stores taking total of stores to 37 with the current pipeline adding 338,300 sqft of extra trading space. Strong balance sheet and rapidly expanding new store pipeline position the Group well for future growth.
Commenting on the Group's results, Andrew Jacobs CEO of Lok'nStore Group said:
"We have created a strong platform for an exciting period of rapid growth for Lok'nStore increasing profits and assets and reducing our debt. Our adjusted net asset value per share has increased by 7.9% to £4.16 this year and we are raising the dividend by 11.1% to 10 pence per share making it the sixth successive year of substantial dividend growth.
We have secured a notable increase in our new store pipeline to 11 stores which will add around 45% more space to our operation over the coming years. This will add yet further momentum to sales and earnings growth. Lok'nStore's strategy of opening new landmark stores gives us confidence that Lok'nStore can continue to deliver rapidly growing dividends for our investors."