Self-Storage facilities provider Lok'nStore Group Plc (LOK.L) Monday reported a sharp fall in fiscal 2014 profit, impacted by a one-off impairment to a development land asset and the tax charge. Annual revenue grew more than 7 percent, helped by higher self-storage unit occupancy and prices for rented self-storage units.
Looking ahead, the firm sees significant opportunity in the UK self-storage market. The shares rose about 6 percent in the morning trade.
For the fiscal year ended July 31, 2014, the company's pre-tax profit fell to 367 thousand pounds from 1.43 million pounds in the prior year.
Profit attributable to owners of the parent totaled 197 thousand pounds, compared to 1.42 million pounds a year ago. Earnings per share fell to 0.79 pence from 5.72 pence per share last year.
Funds from Operations or FFO climbed 17.5 percent to 3.97 million pounds. FFO per share was 16.1 pence, up from 14.1 pence per share a year ago.
Adjusted net asset value per share, before deferred tax provision, increased to 2.71 pounds from 2.48 pounds a year earlier.
Annual revenue grew 7.2 percent to 13.91 million pounds from 12.97 million pounds in the preceding year.
In Self-storage, unit occupancy climbed 12.4 percent, and pricing improved 5.8 percent. In Document storage, revenue was 1.84 million pounds, unchanged from last year.
For the year, the firm recorded impairment of development land asset totaling 1.60 million pounds.
The firm also recommended a full year dividend of 7 pence per share, up 16.7 percent from last year.
LOK.L rose 5.71 percent to trade at 213.00 pence.
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