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Safestore H1 Underlying Profit Rises; LFL Revenue Up 14.5% At CER

Safestore Holdings plc (SAFE.L) reported that its underlying profit before tax increased to 51.8 million pounds for the six months ended 30 April 2022 from 42.4 million pounds, last year. Adjusted EPRA earnings per share, pro forma, was 22.5 pence compared to 18.1 pence.

Profit before income tax increased to 285.2 million pounds from 167.3 million pounds, last year. Earnings per share was 124.5 pence compared to 74.4 pence.

Revenue was 101.0 million pounds compared to 88.1 million pounds, previous year. Reported Group revenue increased 15.9% at CER with like-for-like revenue at CER growing by 14.5%.

Safestore reported that Group like-for-like sales for the month of May were up 10% from last year, which was slightly ahead of Board's expectations.

The Group said, at present, earnings for the full year is anticipated to be at least 47 pence, slightly ahead of the current consensus analysts' forecasts of adjusted EPRA earnings per share for 2021/22 of 45.9 pence.

The Board recommended a 25.3% increase in the interim dividend to 9.4 pence per share.

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