Self Storage provider, Lok’nStore Group plc has released its results for the year to July 31 2019.
The group’s revenue (with its continuing operations) stands at £16.95m - up 10.3 per cent. Meanwhile, the company’s operating profit is £5.06m, which is up 11.5 per cent. Net profit stands at £5.56m, up a major 48 per cent, whilst unit occupancy is up six per cent. The company’s cash flow growth has grown too in its eighth consecutive year.There is said to be a ‘strong’ pipeline of new landmark stores to be delivered in the coming months, aiming to deliver more revenue growth, profits and assets. In this period, five new stores were opened or acquired, while three new sites have been acquired.
Commenting on the Lok’nStore’s results, CEO Andrew Jacobs said: "Lok’nStore Group has had an excellent year successfully implementing our strategic objectives.We have created a strong platform for an exciting period of growth for Lok’nStore with revenue, profits and asset values all moving strongly ahead. We have achieved a notable acceleration in our new store pipeline to 14 sites which will significantly increase operating space over the coming years. With a strong balance sheet and low gearing helped by capital recycling, we will continue to build more landmark stores in an under-supplied market.”