Safestore Holdings 6-month Profit Plunges

Safestore Holdings plc (SAFE.L)'s half-year profit plummeted, as last year results had included an income tax credit.

For the six months ended April 30, 2014, the company's profit crashed to 4.8 million pounds or 2.4 pence per share from 74.7 million pounds or
39.5 pence per share last year.

Annual pre-tax profit dropped to 6.9 million pounds from 12.8 million pounds in the prior-year.

The company's earnings were hurt by income tax charges of 2.1 million pounds, while it had received a tax benefit of 61.9 million pounds last year.

Revenues were slightly down to 46.9 million pounds from 47.1 million pounds last year, while on a constant currency basis it was up 1.7 percent.

The board proposed an interim dividend of 2.15 pence per share, an increase of 16 percent from last year. The dividend will be paid on August 15, to shareholders who are on the company's register at the close of business on July 11.

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