Lok'nStore's revenues grow due to store expansion

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

  • 385.00
  • 0.00%0.00
  • Max: 385.00
  • Min: 385.00
  • Volume: 15,823
  • MM 200 : n/a
17:20 26/07/17
  • 983.64
  • 0.49%4.80
  • Max: 986.51
  • Min: 978.28
  • Volume: 0
  • MM 200 : n/a
17:30 26/07/17
  • 2,758.40
  • 0.39%10.76
  • Max: 2,766.42
  • Min: 2,741.36
  • Volume: 0
  • MM 200 : n/a
17:23 26/07/17

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

07:33 London pre-open: Stocks seen steady as earnings roll in

London stocks were set for a steady open on Thursday as investors braced for a blizzard of earnings releases and digested the latest policy announcement from the Federal Reserve.

07:26 Thursday newspaper round-up: Housing market, car makers, Facebook, retailers

Ten years on the housing market is still feeling the after-effects of the credit crunch, with existing homeowners struggling to trade up, a doubling of typical first-time buyer deposits, and a “huge gap” between London and the rest of Britain, according to a new report. Property company Savills has found that the global financial crisis – which it considers to have started on 9 August 2007, when the French bank BNP Paribas froze three investment funds – is “still shaping the UK housing market” and will continue to cast its shadow over the sector for years to come. - Guardian

26 Jul US close: Markets higher as Fed hints at imminent unwinding

US stocks finished higher on Wednesday thanks to some well-received corporate news, as investors looked ahead the Federal Reserve statement on interest rates and its balance sheet unwinding.

26 Jul Commodities: Brent rally continues as inventories decline

Brent crude continued its rally higher on Wednesday, fuelled by a reduction in oil inventories from the US, which fell by 7.2m barrels, versus expectations for a smaller drop of 3.3m.

26 Jul Europe close: Stocks end higher amid earnings news; Fed in focus

European stocks ended higher on Wednesday as investors sifted through more earnings and eyed the latest policy announcement from the Federal Reserve.

26 Jul London close: Stocks close slightly higher as ITV rallies; UK GDP digested

London stocks ended Wednesday's session sightly higher following a well-received update from broadcaster ITV and a deluge of other earnings news, as investors digested the latest reading on the UK economy, which met expectations.

26 Jul RBS to offer £775m to encourage SMEs to switch to challenger banks

Royal Bank of Scotland will be required to set up a £425m innovation fund and a £350m scheme to encourage SMEs to switch their accounts, both administered independently with grants paid to challenger banks and fintech companies to boost competition in the sector.

26 Jul Thursday preview: Lloyds, Shell, BATS, Diageo lead results deluge

Thursday's tsunami of numbers sees a stupidly large number of large companies all reporting on the same day, including at least a dozen FTSE 100 companies and at least as many from the FTSE 250.

26 Jul US open: Stocks gain amid well-received earnings; Dow breaches 21,700

US stocks rose in early trade on Wednesday thanks to some well-received corporate news, as investors looked ahead to a rate announcement from the Federal Reserve.

26 Jul FTSE 250 movers: Tullow gushes on better revenues; Marston's goes flat

Tullow Oil led the FTSE 250 risers as it gushed higher after reporting higher revenues despite swinging to a pre-tax loss in the first half. The numbers were in line with expectations and investors were clearly pleased as the stock rose almost 7%.