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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - Lock-up storage group Safestore has warned it faces a tough three months to the end of its year as the UK economic situation deteriorates.

"The fourth quarter is likely to be more challenging for the sector," it said alongside third quarter figures that showed revenues up by 10.3% in the three months to July compared to the same period last year and by 7.0% quarter on quarter.

Average rental rate increased by 12.8% compared to last year and rose by 3.1% over Q2 2008. However, occupancy declined marginally by 0.5% compared to the same period last year but has increased by 1.5% over the second quarter of 2008, Safestore said.

"The company remains well positioned and on course to meet our expectations for the full year," the statement concluded.





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