Self-Storage facilities provider Lok'nStore Group Plc (LOK.L), in its pre-close trading update, reported that its trading during the second half of the year has been robust, after a strong first half of fiscal 2014. The company said it is witnessing clear signs of the continued strengthening of the economy and the steps that it took to enhance operating efficiency during the economic downturn ensure it is effectively locked into this upturn with the business responding strongly.
In its core self-storage business revenue is on target to be up 10.2% like-for-like, year-over-year. At July 31, 2014, the firm anticipates occupancy to grow by 9.6% and price per let square foot to increase by nearly 6.4%, compared with 12 months ago. Ancillary sales were particularly strong with like-for-like insurance sales rising 17% and boxes and packaging up 25%.
Andrew Jacobs, chief executive of Lok'nStore said: "Trading this year has been very strong, with occupancy, prices, revenue and profit all moving strongly ahead. Looking at our development pipeline, our new flagship store in Maidenhead opened in December and early trading has been robust, quickly reaching profitability. With our new store in Reading opening in October, followed by new stores in Aldershot, Southampton and Bristol, which are scheduled to open over the coming eighteen months, I am confident we will continue to deliver significant further growth in sales and profit."
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