Lok'nStore's revenues grow due to store expansion

Maryam Cockar Sharecast | 08 Aug, 2016 13:29 - Updated: 15:30 | | |

Lok
  • 406.00
  • -0.37%-1.50
  • Max: 409.20
  • Min: 405.00
  • Volume: 11,263
  • MM 200 : n/a
17:17 23/03/17
  • 917.61
  • 0.41%3.72
  • Max: 917.44
  • Min: 914.16
  • Volume: 0
  • MM 200 : n/a
17:18 23/03/17
  • 2,594.26
  • 1.20%30.75
  • Max: 2,597.81
  • Min: 2,554.81
  • Volume: 0
  • MM 200 : n/a
17:30 23/03/17

Storage company Lok’nStore’s revenues increased due to store expansion.

In a trading update for the year ended 31 July, the company’s revenue grew by 5.2% compared to the same period last year.

Self-storage unit occupancy increased by 2% and the price per let square foot increased by 2.2%.

The AIM-listed company’s document storage business revenue also increased by 11.1%, compared to the same period last year with costs slightly down which resulted in a doubling of earnings before interest, tax, depreciation and amortisation (EBITDA).

The numbers of boxes increased by 8.7% and tapes stored rose by 14.2% over the past 12 months.

The company opened purpose-built stores in Bristol and Southampton. It opened two owned stores in Wellingborough and Gillingham, and two managed stores in Hemel Hempstead and Broadstairs, due to be opened in 2017.

The company received about £8.5m from selling three sites and helped debt and leverage remain low. The company’s reduced interest margin on a new bank facility further reduced finance costs.

Chief executive Andrew Jacobs, said: "We have built on the solid turnover and profits growth of last year with another strong trading performance in this financial year delivering a 5.2% growth in like for like revenue in our core self-storage business.

"Lok'nStore's strategy of expanding the operating footprint of the business by developing both managed stores and owned stores while maintaining its strong balance sheet combined with our flexible new banking facility give us confidence that Lok'nStore can continue to deliver growing dividends for its investors from an increasing number of stores."

The company’s full year results will be released on 17 October.

Shares in Lok’nStore were down 0.16% to 321p at 1303 BST.

More news

07:56 Acacia Mining on edge as Tanzania ban on gold exports contiunes

Acacia Mining said there has been no change on the Tanzanian government's ban on exports of gold and copper ore despite lobbying by the company, which is losing more than $1m per day in revenue.

08:43 Smiths Group sales improve as new strategy kicks in

As it makes early progress with a new strategy, engineer Smiths Group reported improved revenues in the second quarter and an unchanged full year outlook.

07:35 LandSec in discussions over new Deutsche Bank HQ, Jones Bootmaker expected to call in administrators

London open

07:33 London pre-open: Stocks seen touch higher on positive Asian cues

London stocks were set for a slightly firmer open on Friday despite a downbeat close on Wall Street, as Asian shares advanced.

07:27 Friday newspaper round-up: Jones, Crest Nicholson, Deutsche Bank

Jones Bootmaker is expected to call in administrators on Friday in a move that will put more than 1,100 jobs at risk. The shoe retailer, which employs 1,145 people, has nearly 100 stores and a handful of concessions in department stores. It is understood to be close to going under after a deal with a private equity firm collapsed. – Guardian

23 Mar US close: Stocks stall as House healthcare vote delayed

US stocks closed marginally lower on Thursday after a House of Representatives vote on President Donald Trump's healthcare plan was delayed.

23 Mar Bonds: Gilts slump on retail sales data as safe haven bid unwinds

These were the movements in the most widely-followed 10-year sovereign bond yields: US: 2.41% (+1bp)UK: 1.23% (+5bp)Germany: 0.43% (+2bp)France: 1.04% (+0bp)Spain: 1.73% (-1bp)Italy: 2.27% (+1bp)Portugal: 4.20% (+4bp)Greece: 7.39% (-1bp)Japan: 0.06% (0bp)

23 Mar US House of Representatives postpones vote on healthcare reform

Leaders of the US House of Representatives put on ice plans for a vote on Thursday night on President Trump's proposal to repeal Obamacare.

23 Mar Directors dealings: Abcam chief shows faith, pulls out chequebook again

Abcam's chief pulled out his wallet for a second time in just under a week to purchase shares in the company he runs.

23 Mar FX round-up: Sterling rises on hearty UK retail sales as inflation, possible BoE rate rise lurk

Sterling ticked higher on most major crosses Thursday thanks to better-than-expected UK retail sales figures for February, with rising inflation and a possible Bank of England (BoE) interest rate hike lurking in the background.