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Safestore HY Pre-tax Profit Rises

Safestore Holdings plc (SAFE.L) reported that its profit before income tax for the six months ended 30 April 2021 rose to 167.3 million pounds from 99.7 million pounds in 2020 driven by strong trading performance and increased gain on investment properties.

Profit for the period was 158.3 million pounds or 74.4 pence per share up from 89.5 million pounds or 42.4 pence per share in the previous year.

Revenue for the period was 88.1 million pounds up from 79.3 million pounds last year.

Reported Group revenue increased 10.5% at CER with like-for-like9 revenue growing by 8.3%. The Group's like-for-like average occupancy grew by 10.7% with the like-for-like average storage rate down slightly by (1.0%) at CER.

The company anticipates earnings for the full year being at least at the top end of its previous guidance of adjusted EPRA earnings per share for 2020/21 of 37 pence to 38 pence.

The company noted that trading in the third quarter has started well. Group like-for-like sales (CER) for the month of May were up 16% on May 2020, which is slightly ahead of expectations at the time of issuing earnings guidance in 10 May announcement.

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