Safestore Holdings Plc (SAFE.L), a self-storage company, on Tuesday reported a steep decline in pre-tax income for the first half amidst challenging market conditions and a fall in gain on revaluation of investment properties.
For the six-month period to April 30, Safestore posted a profit before tax of 97 million pounds, lower than 173.7 million pounds in the same period last year. Excluding items, pre-tax income was 43.6 million pounds, down from 49 million pounds in 2024.
Net earnings were 79.3 million pounds, or 36.1 pence per share, compared with 156.8 million pounds, or 71.5 pence per share, a year ago.
Excluding items, EPRA income per share declined to 19 pence from the prior year's 21.2 pence per share.
EPRA NTA stood at 2.439 million pounds, or 1,110 pence per share, as against 2.191 million pounds, or 999 pence per share, last year.
Operating profit slipped to 112.9 million pounds from the prior year's 186.3 million pounds. Gain on revaluation of investment properties plunged to 49.5 million pounds from 121.7 million pounds in the previous year.
Revenue was 112.8 million pounds, up from last year's 109.2 million pounds.
The Board will pay an interim dividend of 10.1 pence per share on August 7 to shareholders of record of July 4.
Looking ahead, the company said: "We expect our development programme together with its associated financing to be dilutive to earnings growth in FY 2025 and FY 2026 before becoming highly accretive to the Group in future years as the stores stabilise. We believe that, on stabilisation, an incremental £35-£40 million of EBITDA will be added by the pipeline together with the stores opened in the last eighteen months."
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.