Strong trading boosts Lok'n'Store profits and dividends
Strong trading has helped self-storage group Lok'n'Store to post higher annual profits and dividends.
Lok'n Store Group
1,110.00p
17:15 18/04/24
Lok'n'Store said its business got better in the second half of the year, boosted by more new and purpose-built storage centres.
A new flagship store in Maidenhead, which opened in December, was trading well and new stores in Reading, Aldershot, Southampton and Bristol due to open in the coming 18 months should further lift sales and earnings growth.
Chief executive Andrew Jacobs said: "The strong growth of the business, and Lok'nStore's low level of debt means this can be financed out of our existing bank facilities, while progressively increasing the dividend."
Revenue rose 7.25 to £13.9m and adjusted underlying pre-tax earnings increased 11.6% to £4.62m.
Net debt lifted to £25.5m from £22.5m last time and the annual dividend increased 16.7% to 7p per share.